Gold will bring bumper earnings in the festive season, price can go up to Rs 66000 by December - Newztezz Online


Friday, September 15, 2023

Gold will bring bumper earnings in the festive season, price can go up to Rs 66000 by December

Ajay Kedia, director of Kedia Advisory, says that central banks around the world including RBI have stopped increasing interest rates, due to which the demand for gold will also increase. Also, to bring stability in the economy, all central banks will purchase gold. This will also lead to a rise in gold prices.

The festive season has started with Rakshabandhan. Ganesh Chaturthi will be celebrated with great pomp and show across the country on 19th September. After this Durga Puja and Diwali will come. People buy gold extensively during these festivals. In such a situation, due to increase in demand, the price of gold increases during the festive season. If you buy gold now, you will get good returns till December.

Experts say that the rate of gold has declined in the last four months. Due to this, jewelery has become cheaper. But after Ganesh Chaturthi, as soon as the peak festival season starts, the demand for gold will increase in the market. In such a situation, the price of gold may rise. According to Ajay Kedia, Director of Kedia Advisory, there has been a decline in gold prices since last May. This is the reason why spot prices of gold have fallen by more than Rs 2,600 so far.

Can reach Rs 65 thousand per 10 grams

On 4th September i.e. Thursday, the rate of 24 carat gold in Delhi was recorded at Rs 59990 per 10 grams. Whereas, four months ago its rate had reached Rs 62 thousand per 10 grams. In such a situation, Ajay Kedia says that due to increase in demand for gold during the festive season, the prices of gold may rise by 10 percent by December. After this the price of gold can reach Rs 66000 per 10 grams.

will earn 10 percent profit

In such a situation, if you buy gold now at the rate of Rs 59990 per 10 grams, then after 3 months till December, you can get a profit of Rs 6,100 on one tola. That means you will earn 10 percent profit of the cost within 3 months. If you also want to invest capital in gold, then now is a golden opportunity for you.

Demand for gold will increase

Ajay Kedia says that the festive season starts from Ganesh Chaturthi itself. But most of the festivals come in the month of October. Festivals like Durga Puja, Dhanteras and Diwali are celebrated all over the country. Especially on Dhanteras, people across the country buy jewelery and gold. In such a situation, it is natural for prices to increase as demand increases in the market. Apart from this, due to increase in inflation, people will invest more in hedge commodities, after which the demand for gold will increase.

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