The festive season begins in the country with Rakshabandhan, which continues after Diwali till Kartik Purnima. On this occasion, along with all the auspicious purchases, the purchase of gold also increases. In such a situation, this year the price of gold will increase during the festive season or will remain cheap, let us know…
There is pressure on gold prices this year. The Federal Reserve of America has been continuously increasing interest rates, due to which the dollar has also strengthened. Due to this, investors have been less inclined towards gold and a softening of gold prices has been observed. Even on Friday, the rate of gold in the international market remained between 1920 to 1980 dollars per ounce.
Will the price of gold deteriorate during the festive season?
Although the festive season has started in India, but the main time for purchasing gold is considered to be between Navratri and Diwali. Buying gold on the day of Dhanteras is considered very auspicious. In such a situation, the price of gold is expected to increase. But now due to increase in interest rate by the Federal Reserve of America, this rise in the prices of gold and silver may weaken. Customers can get the benefit of this in the form of cheaper price of gold.
Dollar is continuously getting stronger
The dollar is continuously strengthening against other currencies of the world. The dollar index has currently reached its all-time high of 6 months. Whereas the rupee has fallen to its lowest level in 11 months against the dollar. Market experts say that due to this strength in the dollar, the price of gold will remain within a certain price range. Customers can benefit from this during the festive season. At the same time, the US Federal Reserve has not made any announcement to bring down the interest rates, hence the rise in the dollar may continue.
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