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Indian Gold falls before Diwali, Dhanteras
India gold prices have eased off sharply to eight week lows on 28th of October as it would facilitate the Indian buyers preparing for the major festivals - Dhanteras and Diwali. On Tuesday, gold eased following US dollar strength which reflects that hopes are built into some key US economic data to guide Federal Reserve in making further monetary policy moves.
Gold Price Report
22K Gold: Prices decreased by Rs 450. This lowered the rate to Rs
73,150 for every 10 grams. The price for 100 grams reduced by Rs 4,500 to reach Rs 7,31,500.
24K Gold: The price for 24K gold has dropped by Rs 490. This brought the rate to Rs
79,800 for every 10 grams. For 100 grams, the rate reduced to Rs 4,900 from Rs 7,98,000.
This decline has been a welcome respite for buyers looking to make purchases during the festive season.
18K Gold Prices
The 18K gold rate also declined, falling by Rs 370 per 10 grams to Rs 59,850. For those looking to buy 100 grams, the price fell by Rs 3,700, landing at Rs 5,98,500.
Image Source - Google
Should You Invest in Gold Now?
Dr. Renisha Chainani, Head of Research at Augmont, says that though the price of gold is being quoted at high prices, it can still be considered a strategic investment for the Diwali season, as it is also among the best hedging instruments against inflation and market fluctuations. If the investor prefers long-term preservation of capital, Dr. Chainani suggests staggered purchases by Gold ETFs or \
Digital Gold.
The festive season, which has a strong cultural association with gold buying, might be a catalyst for more demand. However, the buyers should not be concerned about short-term price corrections. It is a good option for token purchases for festive needs, but waiting further for dips might be smart for those looking for large investments.
Gold Price Trend Last 10 Days
- The 22K gold price for the last 10 days has been fluctuating as follows:
- October 27: Prices were unchanged
- Oct 26: Prices went up by Rs 65
- Oct 24: Prices came down by Rs 55
- Oct 23: Prices surged by Rs 40
- Oct 19: Prices rose by Rs 40
Silver prices steady
However, silver prices remained stable in India. The price of 1 kg of silver was stable at Rs 98,000, and 100 grams also remained stable at Rs 9,800.
In the international markets, spot gold dropped by 0.5% to $2,733.01 per ounce, and silver also decreased by 0.9% to $33.39 per ounce.
Market Outlook
Gold price stress has been created according to KCM Trade chief market analyst Tim Waterer as the Japanese election outcome has triggered an upsurge in the US dollar. According to Waterer, gold may still go towards $2,800 on later dates, but this one will need to first brave through important US economic data out this week that will shape the Fed's interest rate decision.
Inputs by Agencies
Image Source: Multiple Agencies
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