Akshaya Tritiya 2024: Gold prices dip a bit ahead of festival — is this the right time to buy precious metal?
Catch the glitter: Silver up 11% YTD on import volume, likely to outshine gold in near-term; How should you invest? Ahead of the auspicious occasion, the precious metal price declined by ₹150 to touch ₹72,300 per 10 grams on Wednesday in Delhi, according to HDFC Securities. According to analysts, gold prices often experience fluctuations during the Akha Teej festive season in India.
“During the Akha Teej festive season, gold prices often experience fluctuations due to increased demand in the physical market, driven by auspicious events. While gold is considered auspicious for buying during Akha Teej, current prices around ₹71,000 may be slightly expensive.
Therefore, it is advisable to accumulate gold in smaller denominations rather than making large purchases," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. According to a report by brokerage firm Motilal Oswal (MOFSL), gold and silver have seen significant year-to-date gains of 13 per cent and 11 per cent, respectively, since the beginning of the new year cycle, which commences with the auspicious occasion of Akshaya Tritiya.
Also read: When gold prices spiked, investors saw their chance MOFSL remains optimistic about both gold and silver, recommending purchasing of precious metals during declines, with price targets set at ₹75,000 for gold and ₹1,00,000 for silver in the domestic market and $2,450 for gold and $34 for silver on the Comex exchange. Market experts further suggested that investors should consider other factors such as market trends, which are a bit volatile, geopolitical events in the Middle East, interest rate cut delays, and their own financial goals before investing in gold during Akha Teej.
Read more on livemint.com
