New Delhi: Gold prices are on an upward swing once again. After a brief dip, the precious metal has seen a significant rise on Thursday, March 14th. This fluctuation can leave potential buyers confused about the right time to invest.
Current Gold Price Scenario in India
- National Level: Across India, the price of 24 carat gold has reached ₹65,467 per 10 grams, according to the India Bullion Jewelers Association (IBJA). This is an increase of ₹132 compared to the previous day’s price.
- Major Cities:
- Delhi: In the Delhi bullion market, 22 carat gold is priced at ₹60,490 per 10 grams, while 24 carat gold stands at ₹65,980 per 10 grams.
- Mumbai: The city mirrors Delhi’s trend with 22 carat gold priced at ₹60,340 per 10 grams and 24 carat gold costing ₹65,830 per 10 grams.
- Kolkata: Similar prices prevail in Kolkata, where 22 carat and 24 carat gold are priced at ₹60,340 and ₹65,830 per 10 grams, respectively.
- Chennai: Chennai sees a slightly higher price for 22 carat gold at ₹61,090 per 10 grams, whereas 24 carat gold costs ₹66,640 per 10 grams.
Factors Influencing Gold Price Fluctuations
Several factors contribute to the ever-changing price of gold:
- Global Market: International economic conditions, currency exchange rates, and global gold reserves directly affect domestic gold prices.
- Demand and Supply: Increased demand for gold, especially during festive seasons and wedding ceremonies, pushes the price upwards. On the other hand, surplus supply can lead to a price decrease.
- Geopolitical Tensions: Political unrest and international conflicts often drive investors towards safe-haven assets like gold, causing a price surge.
Should You Buy Gold Now?
Given the current upward trend, holding off on a gold purchase might be a wise decision. Experts suggest waiting for the market to stabilize. Here’s why:
- Price Volatility: The recent rise indicates a period of uncertainty. Waiting allows you to observe if the price settles or continues to climb.
- Alternative Investment Options: Explore other investment avenues like fixed deposits or mutual funds during this time.
- Festival Season Impact: Traditionally, gold prices witness a rise during the upcoming festive season (Dhanteras and Diwali). Observing the price movement closer to these festivals can help you make a more informed decision.
Tips for Savvy Gold Buyers
- Track Gold Price Trends: Regularly monitor gold price fluctuations to understand market movements.
- Compare Prices Across Sellers: Check prices offered by different jewellers before making a purchase.
- Consider Purity Levels: Opt for the purity level that suits your budget and purpose. 22 carat gold is commonly preferred for jewellery, while 24 carat gold is ideal for investment.
- Look for Hallmark Certification: Ensure the gold you purchase is hallmarked, guaranteeing its purity and authenticity.
