On the occasion of Diwali, the holy festival of lights, a traditional one-hour special ‘Muhurat Trading’ session was organized in the Indian Stock Exchange as well as the Commodity Market (MCX). Like every year, this time too at the beginning of the new Samvat year, investors and traders made symbolic investments in the market along with the worship of Goddess Lakshmi. On this auspicious occasion, there was a strong inclination of investors towards purchasing precious metals i.e. gold and silver on Multi Commodity Exchange (MCX). As soon as the market opened, the bullion market became lively and the prices of both the shiny metals were seen trading strongly, due to which happiness was clearly visible on the faces of the investors.
During this special Muhurta session of Diwali, positive rise was recorded in gold and silver prices on Multi Commodity Exchange. On the Multi Commodity Exchange, gold appeared to be trading firmly above the crucial level of Rs 1,42,400 per 10 grams, while it touched even higher intra-day levels in the early part of the session. On the other hand, there was a tremendous increase in the shine of silver and the price of silver on MCX jumped to beyond Rs 1.85 lakh per kg. This brilliant start of gold and silver in the festive season has made it clear that the demand for these metals as safe haven assets still remains very strong in the market.
In Indian traditions, buying gold or silver on the day of Diwali is considered very auspicious. It is believed that metal purchased at this special time brings blessings and prosperity to the house. This is the reason why everyone, from stock market experts and small investors to big traders, like to place bets in the bullion market in this short session of one hour. In the current era of geopolitical uncertainties, global economic turmoil and inflation, investor confidence in traditional assets has further strengthened. This is the reason why this surge in gold and silver prices on this auspicious festival of traditional shopping is not just a business figure, but a great combination of people’s deep faith and financial understanding.
Now the biggest question in the minds of common people and investors is whether the shine of gold and silver will remain intact even after Diwali or will there be any softening in the prices. Leading market experts believe that in the coming months, the movement of the bullion market will be decided based on the trend of the global economy, interest rate policies of central banks and international demand. If there are clouds of tension or economic slowdown at the global level, then gold and silver prices may see further upward trend. However, experts also suggest that investors should make their investment strategy by keeping a close eye on every move in the market so that their financial returns can also be safe amid the excitement of the festive season.