Dhanteras Gold Price: Despite the weakness on Dhanteras, gold is costlier than last time, yet 30% sales may increase

gold shopping on dhanteras
– Photo : amarujala.com

Diwali festival has started with Dhanteras. For the first time after the Kovid epidemic, people are preparing to celebrate Diwali with ease. Our country has a long tradition of buying gold during Dhanteras. In such a situation, the eyes of the people remain on the prices of gold. Gold prices have shown weakness in recent days. The market is also gazing at its prices. In the domestic market, 22 carat and 24 carat gold is trading at Rs 46,350 and Rs 50,600 respectively. Many experts are considering the weakness in gold prices during Dhanteras and Diwali as a buying opportunity. However, there is no change in the price of silver and it is trading at Rs 56,100 per kg.

Gold is being sold at different rates in different states of the country. Gold rates are highest in Chennai, in comparison to Mumbai and Kolkata, gold prices are stable. State governments impose separate levies and taxes on gold. Apart from this, customers also have to pay jewelery making charges and GST separately. On Saturday, the price of 24 carat gold is Rs 50,450 in Mumbai and Kolkata, while 22 carat gold is being sold at Rs 46,250 per ten grams. In Delhi, 24 carat gold is trading at 50,600 while 22 carat gold is trading at Rs 46,350 per ten grams. The most expensive gold in the country is in Chennai. In Chennai, 24 and 22 carat gold is being sold at Rs 50,900 and Rs 46,650 per ten grams respectively.

In Delhi, 24 carat gold is currently trading at Rs 50,600 while 22 carat gold is trading at Rs 46,350 per ten grams. These gold prices despite weakness are higher than last year’s Dhanteras. Last year Dhanteras fell in the month of November. According to the Indian Bullion and Jewelers Association, on the day of Dhanteras on November 2 last year, the price of 24 carat gold was Rs 47904. In such a situation, this year 24 carat gold per 10 grams is being sold at Rs 2696 more than last year.

Anuj Gupta of IIFL Securities believes that this time the wedding season is starting just after Dhanteras, so there may be an increase in the demand for gold. This time on Dhanteras, an increase of up to 30% can be recorded in the sale of gold as compared to last year. Anuj says that last year around 50 tonnes of gold was sold on Dhanteras, this year this figure can reach 55 to 60 tonnes.

Dhanteras is considered the most auspicious day for shopping in India, as it is considered a symbol of good luck. During this time gold is the most preferred form of investment. Sona has given returns with a CAGR of over 11 per cent in the last 25 years. Though it has given only 6 per cent returns in the year 2022 so far, it is expected to give 12-15 per cent returns by next year. It is expected that during this period there will be a stagnation in interest rates around the world and investors will be motivated to invest in gold. The effect of the weakness of gold in the international market is that people are getting an opportunity to buy gold at a lower price during Dhanteras in the domestic market. However, it is expected that the prices will recover in the coming days.

On Friday morning, spot gold in the global market was seen trading with an increase of one percent at $ 1643.61 an ounce. Due to this, the fall in the price of gold has come to a standstill for the last two weeks. US gold futures in New York is also trading 0.8 percent higher at $1649.80 an ounce. According to experts, gold may soon return as the peak of Fed’s rate hike may come soon. This is good news for the bullion market. Business people believe that gold has been considered an important asset for centuries. Investment in this is profitable and also safe, in such a situation, despite the weakness, it is certain that the days of gold will soon be multiplied.

Expansion

Diwali festival has started with Dhanteras. For the first time after the Kovid epidemic, people are preparing to celebrate Diwali with ease. There has been a long-standing tradition of buying gold in our country during Dhanteras. In such a situation, the eyes of the people remain on the prices of gold. Gold prices have shown weakness in recent days. The market is also gazing at its prices. In the domestic market, 22 carat and 24 carat gold is trading at a price of Rs 46,350 and Rs 50,600 respectively. Many experts are considering the weakness in gold prices during Dhanteras and Diwali as a buying opportunity. However, there is no change in the price of silver and it is trading at Rs 56,100 per kg.