Gold gives 20% returns since last Diwali; should you buy gold this festive season?
₹10,000 per 10 grams in the domestic market to ₹60,700. Analysts expect gold prices to remain elevated and continue giving decent returns going ahead in light of the upcoming festive season. Also Read: Why the Gold Price is Rising? Should You Buy Gold Now? On Tuesday, gold prices traded higher.
The yellow metal hit a five-month peak on October 20, while it has surged about 9% in the past two weeks on safe-haven demand amid worries that the Israel-Hamas war could escalate into a wider Middle East conflict. In the international markets, spot gold was up 0.2% at $1,976.99 per ounce, while US gold futures was steady at $1,988.10. On the domestic side, gold prices ended 0.23% lower at ₹60,598 per 10 grams on the Multi Commodity Exchange of India (MCX) Monday.
Silver prices also fell 1.18% to ₹72,052 per kg. Indian markets are shut on Tuesday for Dusshera holiday. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Analysts believe the bullish fundamentals for gold and silver remain intact amid the ongoing broader global concerns.
“The current environment for bullion remains good. While geopolitical concerns continue to support gold prices, physical buying during the festive season will also lift prices. Silver prices may outperform given its rising industrial demand," said Ajay Kedia, Director, Kedia Advisory as he believes the fundamentals for gold and silver continue to remain bullish.
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