support@headlinenews360.com
Gold Demand Picks Up: The gold market has started becoming vibrant again. After the end of Kharmas, which is considered inauspicious for buying new things, as soon as the auspicious time started from Makar Sakranti returns, both gold buyers and investors have started buying gold again, the main reason for which is that weddings are going to start. There is also weather. Due to this, demand has suddenly increased in the jewelery market.
As the purchase of gold increased, the prices also started increasing. In the bullion market, the price of gold rose by Rs 500 to Rs 81,300 per 10 grams, which is a two-month high. Gold prices are also rising in the international market and have reached $ 2,737.50 per ounce, which is the highest level after 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. The price of silver is also rising. The price of silver has also increased by Rs 2,300 to Rs 94,000 per kg.
Jatin Trivedi, Vice President Commodity, LKP Securities, said that in the international markets, the rise in gold in COMEX came after the release of US CPI data for December, which was in line with expectations. He said lower than expected inflation rate has supported gold prices. The softening of inflation rate has strengthened expectations of the Federal Reserve continuing to cut rates, which has boosted gold’s rise.
The reason for returning to buying gold is also that the government can increase the import duty on gold in the budget to be presented on February 1, 2025. To curb the trade deficit, there is a possibility of increasing the import duty, which was reduced from 15 percent to 6 percent in the budget on July 23, 2024.
read this also
