Indians' love for gold and silver is not hidden from anyone and for this, the most important season of the year has arrived. Navratri, Dussehra, Dhanteras, Diwali, Chhath festivals are ready to spread happiness and after this, the golden period of wedding season will come in india in which gold worth crores of rupees will be bought and sold for lakhs of weddings.
Due to the Iran-Israel war, there are full chances of a tremendous increase in the price of gold. Apart from this, the festive season is going on in india in which gold is bought in large quantities. Obviously, the effect of the increase in demand will also be seen as a buzz in the bullion market. gold prices are soaring at this time and despite only 3 months remaining in this year, gold has given a return of 19.80 percent so far.
gold prices will reach $3000 in global markets - don't be surprised
There is a report by Citigroup, Goldman Sachs and BMI regarding the price of gold and all three have accepted that gold prices can reach $3000 per ounce by this December. If we look at the international rates of gold at this time, it is at $2678.70 per ounce. In this sense, it is showing hope of reaching $3000 per ounce which will be $3000 per ounce in 3 months.
The gold rate of $3000 per ounce may seem high to you but it is not surprising because gold is always considered a safe investment and in times of global uncertainty, gold provides very strong support. Only Goldman Sachs has predicted that the price of gold will be more than $2900.
The market is in turmoil due to the impact of the ongoing war between iran and israel but for gold traders, this is becoming an opportunity in disaster. The current level of gold may seem cheap to you because it can give up to 12 percent more return by the end of the year i.e. December. A 12 percent rise in three months means that the ongoing conflict between iran and israel will continue to impact the commodity market and the prices of precious metals will remain high.
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