October 30, 2023
1 min read

Gold Prices Reach for the Sky Before Festive Rush

According to market analysts this has spurred the demand for gold as a safe-haven investment….reports Asian Lite News

Gold prices in India have shot up by as much as Rs 4,150 per 10 grams during October to touch the Rs 60,825 mark on Friday from Rs 56,675 on October 3, according to figures compiled by the Indian Bullion and Jewellers Association.

The sharp increase in the price of the yellow metal comes ahead of the auspicious Dhanteras occasion for buying gold on November 10, as well as the approaching festive and wedding season when the demand for jewellery shoots up.

In the international market, too, gold prices have surged above $2,000 an ounce during the week, making it the third consecutive weekly gain, as geopolitical tensions rise amid the Israel-Hamas war.

According to market analysts this has spurred the demand for gold as a safe-haven investment.

Kama Jewelry MD Colin Shah expects the demand for gold to remain buoyant due to the strong “sentimental value” attached towards buying gold during the festive season and the Indian culture of gifting jewellery during weddings.

The recent volatility in the stock markets has also prompted investors to look at a safer bet and gold appears to be the ideal asset. Besides, the gold also provides a hedge against the strengthening dollar as the rupee has been weakening, said a senior bank official. 

 As the Israel-Hamas war threatens to escalate into a wider geopolitical conflict involving the US and Iran, spot gold price hit $2,000 levels on Friday and closed at 2,006 per ounce levels.

Gold future contract on Multi Commodity Exchange (MCX) for December 2023 expiry surged Rs 308 per gm and ended at Rs 61,260 levels on Friday.

ALSO READ: Ericsson Launches ‘India 6G’ Initiative

Previous Story

Hunger and desperation in gaza

Next Story

SBI Welcomes Dhoni as Brand Ambassador

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

US emerges largest export market for Indian gold jewellery

Secondly, the UAE’s implementation of a 5 per cent import

Why Gold Is Volatile?

There are few factors which triggered volatility in the market