Ahmedabad: Buying gold on Diwali is not only a tradition, but also a long-term investment. Those who have invested in gold last Diwali will be happy now, as the yellow metal has returned a whopping 38 per cent in one year.
For the second consecutive record, gold has earned the highest return. Last Diwali, the price of 10 grams of gold was Rs 39,135. Which has reached 54,000 this time. Moreover, gold has proved to be the safest means of investment even in the Corona era.
Gold also gave a good return in 2019 compared to Diwali in 2018. Its price per 10 grams was 30,500 in 2018, which reached 39,135 in 2019.
Explaining the importance of investing in gold, Ahmedabad-based finance consultant Jayesh Vithalani said the central bank has increased investment in gold due to the economic uncertainty caused by the corona. Even in the short term, gold has seen a strong return this time as its price has soared.
After Diwali 2019, the economy and the stock market saw a good recovery. However, the Corona turned the world upside down, and the market crashed.
Benchmark equity indices and mutual funds have returned less than 10 per cent this year, with interest rates plummeting. Globally, the central banks of various countries have improved the equity market by announcing a stimulus package of 9 trillion.
According to sources, people who get good returns in gold are also attracted to invest in it. Interest in investing in gold ETFs is also increasing. In addition, the decline in bank deposits has led to an increase in the number of investors in gold.
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