Gold Rate Prediction: Gold prices are steadily rising. Along with gold, silver prices are also seeing a steady increase. 10 grams of gold have crossed ₹119,000. Due to the high price of gold during the festive season, buyers are avoiding jewellery showrooms. Demand for gold declined by up to 25% during Dussehra. Demand for gold and silver typically increases significantly during festivals. This has impacted gold and silver purchases during the festive season. People who typically purchase gold for weddings, Dhanteras, or Diwali are avoiding jewellery showrooms this year due to inflation.
Demand Decreased Due to Rising Gold Prices
Gold demand typically increases significantly during Dussehra and Diwali. However, this year, rising prices are leading to fewer purchases. It has become increasingly difficult for ordinary people to get gold jewellery made. This year, the price increase is leading to fewer purchases. According to the India Bullion and Jewellers Association (IBJA), gold sales declined by 25 per cent this year on Dussehra. Last year, 24 tons of gold were sold on Dussehra, but this year, the sales fell to just 18 tons.
Gold and Silver Prices for Diwali
Due to the decline in demand, experts believe that there is little chance of gold prices falling at this time. This Dhanteras-Diwali, gold prices could reach ₹1,22,000 per 10 grams, while silver prices could exceed ₹1,50,000 per kilogram.
