Gold Price Forecast (October 2023): Rs 2500 jump in 10 days! Should you buy before Diwali, Dhanteras?
Gold Price in India Trends and Prediction (October 2023): The retail price of pure 24-carat gold has jumped around Rs 2500 per 10 grams in the last 10 days. At the time of writing today, 24-carat Gold was selling at around Rs 60,490 per 10 grams in Mumbai as against Rs 57,980 on October 9, 2023.
On Wednesday, the COMEX Gold prices surged almost 1.7% amid robust safe haven bids owing to heightened geo-political tensions in West Asia.
Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd, says the surge came despite a rally in the dollar index and treasury yields. “The yield on the 10-year notes rose above 4.9%, reaching a new 16-year high as robust economic data strengthened expectations that the Federal Reserve will maintain restrictive interest rates for an extended period.”
Check: Gold rate today in your city
There have been several factors contributing to a surge in gold prices. According to Veer Mishra, Co-Founder of Plus, some of these factors are the following:
Prithviraj Kothari, MD and CEO of RiddiSiddhi Bullions Limited says Gold and Silver prices rocketed 4% and 5% respectively last week and showed a stellar performance as escalating geopolitical tensions improved safe-heaven demand.
“Because of escalating Israel-Hamas tensions and increased anticipation that the Fed would not raise interest rates further this year, precious metals had their best week in seven months,” says Kothari.
Also Read: Gold Price Forecast (September 2023): 24-carat Gold rate jumps Rs 100 in 10 days. Should you buy it during festivals?
Experts say it may be a good time to buy Gold ahead of Diwali and Dhanteras festivals this year. However, one should factor in his/her risk appetite as Gold prices are expected to
Read more on financialexpress.com
