The gold market has started to return to its glory again. After the end of Kharmas, which is considered inauspicious for buying new things, as soon as the auspicious time started from makar sankranti returned, gold buyers and investors have started buying gold again, the main reason for which is also the wedding season that is about to start. Due to this, the demand has suddenly increased in the jewelry market.
As soon as the purchase of gold increases, the prices have also started rising. The price of gold in the bullion market rose by Rs 500 to Rs 81,300 per 10 grams, which is a two-month high. gold prices are also seeing a rise in the international market and it has reached $ 2,737.50 an ounce, which is the highest level since december 12, 2024. It is feared that after donald trump becomes president, gold prices may rise further in the international market. Due to global instability, investment in gold may increase for safe investment. silver prices are also rising. The price of silver has also increased by Rs 2,300 to Rs 94,000 per kg.
LKP Securities Vice President Commodity Jatin Trivedi said that the rise in gold in Comex in the international markets came after the release of december US cpi data, which was in line with expectations. He said lower than expected inflation has supported gold prices. The softening of inflation has strengthened expectations of the Federal Reserve continuing to cut rates, which has accelerated the rise in gold.
Another reason for the return of buying in gold is that in the budget to be presented on february 1, 2025, the government may increase the import duty on gold. To curb the trade deficit, there is a possibility of increasing the import duty which was reduced from 15 per cent to 6 per cent in the budget on 23 July 2024.
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