Since years people have been investing their money mostly in gold and silver as the price of gold is increasing and it can be distributed and bought at a reasonable price, but if we talk about the last one month, there has been a huge boom in gold and silver in the last one month.
Gold, which was priced at Rs 64,000 a month ago, is seen at more than Rs 75,000 today and it is being predicted that gold will reach Rs 80,000 in the coming days.
Reasons behind price rise in gold
- Global Russia – Ukraine war which has been going on for a long time
- Israel-Hamas and Iran-Israel state of war in global crisis
- The economic superpowers of the world including India, Britain, the election situation in America
- Implications of future gold stockpiling by Russia and China against the dollar
Due to all these reasons, central banks are buying gold and due to which the price of gold is increasing.
What is the effect on the market of rising gold and silver prices?
- The rising price of gold and silver has not seen any major impact in the market.
- Usually when the price of gold and silver rises, consumers read jewelry, but this time there was no such effect.
- Although the price of gold has increased, the purchase of 14 and 18 carat i.e. light weight jewelery has increased.
- However, in the present circumstances, the purchase of 22 carat gold jewelery has decreased.
- Investments in gold coins, paper gold and government souvenir gold have also increased.
As the wedding season is coming soon, the price of gold is increasing day by day. However, there is still a possibility of a rise in these prices. Gold prices will rise till Diwali dates. People are also feeling that the price of gold will increase further due to which now if the price of gold reaches around 70 thousand, then an increase in the purchase of gold can still be seen.
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