Based on the current trend, the report predicts that gold prices could reach Rs 6,300 per gram by Diwali. Jewelery lovers are keen to buy gold during diwali season. In this environment, the price of gold may rise up to Rs.63,000 on the occasion of diwali, according to a report published by Motilal oswal Financial Services. gold and silver prices have experienced significant volatility this year as well due to changing central bank policies, geopolitical uncertainties and changes in investor sentiment, the report said. The demand for gold usually rises during the festive season. Meanwhile, investors wait for opportunities to make specific investments. But the latest trends indicate that many investors are eager to take advantage of the opportunities available this diwali season, the report added.
Thus, based on the current trend, gold price is predicted to be Rs.6,044 per gram on december 5, 2023. gold prices to reach Rs 63,000 during diwali, says report. This year, central banks' gold reserves in China, Poland, Turkey, kazakhstan and other countries have seen significant growth. The US Federal Reserve has decided to raise interest rates to fight inflation in the country. Thus, the country's banks are taking steps to change their financial policies, the report states. Despite these efforts to control inflation, concerns persist over rising wages, energy costs and food prices. The report points out that in such a situation there is a need to maintain a careful balance between economic stability and inflation control.
Geopolitical developments have also played a significant role in driving up gold prices. gold is seen as a safe investment in times of crisis. Accordingly, the crisis caused by the Israel-Hamas war has led to increased interest in gold. As a result, the report predicts that gold prices could touch Rs 6,300 per gram.
click and follow Indiaherald WhatsApp channel