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Gold prices rise after Diwali, fall in Dhanteras

The price of gold is Rs 49,700 per tola, which is almost more than Rs 1,500 as compared to Dhanteras on November 2.

Nagpur: After a slump during the Diwali festival and a fall of around Rs 450 per tola soon after the festival of Dhanteras, gold prices rise on inflation concerns.

gold prices rise

The price of gold is Rs 49,700 per tola, which is almost more than Rs 1,500 as compared to Dhanteras on the date of November 2. Silver has also increased by about Rs 2,000 to about Rs 67,500 per kg in the Nagpur district market.

This fall was also a reason for fears of a rate hike announced by the US Fed Reserve. Although its rates remained the same. This rising inflation has also caused hedge fund investments to shift to the yellow metal. Due to which gold has also become expensive. 1 weak rupee in India has also added to the rally. This gold is also the property of 1 dollar denomination. Because of this, if the greenback also becomes expensive against the rupee, then it leads to a jump in the rate of gold.

Annual imports may touch 1000 tonnes

Ashish Pethe, chairman of the Gem and Jewelery Domestic Council. He has said that the rally has only marginally affected the demand. It is also said that the level of physical sales is also expected to increase once its rates stabilize.

Ashish Pethe has also said that due to inflation, the rates have gone up as gold acts as a hedge against it itself.

The former chairman of the council, whose name is Nitin Khandelwal. He has also said that only about 90 tonnes of gold were imported last month. This was enough to satisfy its demand. It has also been said that if its buying continues as consumers can easily expect to take advantage of this rally as well. Then the annual import can even touch up to about 1000 tonnes.

Rakesh Rokde of Nagpur Bullion Association has said that. Indian demand is also expected to play a role in this gold rally. And after this Dhanteras once again its rally has gained momentum.

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