Mumbai: Mumbai: Dussehra, one of the three auspicious moments, is approaching. It is customary to buy gold on the list. So naturally gold prices are likely to rise. So many people may be thinking of buying gold now and bringing it home as a custom on the day of Dussehra. Today is the right time for such people. This is because gold prices have fallen in the morning session since the market opened on Thursday. So now is the right time to buy before gold prices go up again.
On the Multi Commodity Exchange, gold for delivery in December fell 0.20 per cent. At present, the price of 10 grams of gold is Rs 47,819. On the other hand, silver also declined by 0.51 per cent to Rs 62,564 per kg.
8381 cheaper than the record level
Last year, gold hit an all-time high of Rs 56,200. Gold is currently Rs 8381 cheaper than that level. However, most analysts have predicted that gold prices will rise again in the near future.
Advice to buy gold before the festival
Commodity market experts say rising interest rates on the dollar and bonds have put pressure on gold prices. This pressure will continue in the future. However, rising crude oil prices will push up the global inflation rate. In such a scenario, the demand for gold will increase again and the price is likely to rise. The upward trend in gold prices may resume from the third week of October. With the festive season approaching, demand will also pick up and prices are likely to rise. Therefore, experts say that the current time is very suitable for buying gold.
Gold at 49 thousand till Diwali
At present, gold is at Rs 45,000 to Rs 46,000 per ounce. This is considered to be a good opportunity to buy gold. In the next three months, the price of gold is likely to rise by 4-5 thousand. Abhishek Chauhan of Swastik Investments estimates that the price of gold could touch Rs 49,000 by Diwali.
In the next three months, the price of silver may go up from its current level to Rs 10,000. Last week, silver closed at Rs 60,967 per kg for March 2022 delivery.
The price of gold can double
Most analysts predict that gold prices will skyrocket in the next few years. According to HDFC Securities experts, the price of gold could double in the next three to five years. The price of 10 grams of gold will touch Rs 90,000 in the next five years, according to the Quadriga Igno Fund.
During the same period, the price of gold in the international market could be between 000 3000 and 000 5000 per ounce. Stimulus Packages are being offered in many countries. However, it could worsen the situation for central banks. As a result, gold prices could skyrocket in the near future, according to the Quadriga Ignio Fund.
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