After rising continuously for a few years, gold prices have been trading in a narrow range for the past one year. In August last year, the price of gold had reached Rs 56,200 per 10 grams, which is its record high. Since then it has not seen any increase. On the occasion of Dhanteras this year, the price of gold is trading at Rs 47,741 per 10 grams on MCX Futures market, which is about Rs 3,000 less than last year’s Dhanteras. Last year, the price of gold on Dhanteras was around Rs 50,500.
An expert associated with the gold market said, “Indians do not hide from anyone about gold. India is the second largest consumer of gold in the world. The demand for gold increases during the festive and wedding season, which increases its prices. Gold is seen as a safe investment option in Indian households.”
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He said, “Gold gave better returns in 2020 than almost all investment options. However, when economies around the world came out of the shadow of the corona epidemic, gold lost its luster. To its all-time high of August 2020 Gold is still a long way from the level of the US dollar. The strength of the US dollar and the high rate of vaccination weakened the prospects of gold. What is the holding position, it can decide the rise or fall in gold prices.
Saraf traders expect strong demand during the festive season. A director of a jewelery chain said, “We are seeing increased demand for gold in Tier-II cities. After a challenging time of almost two years, customers are now looking to spend or invest in gold. About 33% more orders have been received as compared to Rs.
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Some analysts say that there will be no major rally in gold prices in the near future. However, on the other hand, analysts of Motilal Oswal have maintained a positive stance on gold. He said in a note, “We are bullish on gold and maintain a positive trend on gold price over the next 12 months, and expect the gram to move upwards soon after consolidation at this level.” Is.”
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