New Delhi : The gold market is once again looking bright. Kharmas which is considered an inauspicious month for buying any new thing. As soon as this month ends and Makar Sankranti begins, the auspicious time to buy gold has returned. With this, there is a rush of investors buying gold in the market. The main reason behind the increase in demand for gold is said to be the beginning of the wedding season. Due to which the demand for gold has suddenly increased in the jewelery market.
Due to the increasing purchase of gold, the prices of gold are also increasing. An increase of Rs 500 is being seen in the prices of gold in the bullion market in the country's capital Delhi. With this increase, the price of gold has currently reached Rs 81,300 per 10 grams, which is the highest level in 2 months. Gold prices are also rising in the international market and have reached $ 2,737.50 per ounce, which is the highest level since December 12. It is expected that after Donald Trump becomes President, the prices of gold in the international market may increase even more. Due to global instability, gold is invested in as a secure investment. Not only this, a rise is also being seen in the prices of silver. Silver prices have increased by Rs 2,300 to Rs 94,000 per kg.
Gold's rise accelerates
Jatin Trivedi, Vice President Commodity, LKP Securities, said that in the international markets, the rise in COMEX gold has come after the release of US CPI data for December, which is as expected. He said that as was expected, the inflation rate has clearly supported the gold prices. Due to softening of inflation rate, the expectation that the Federal Reserve will continue cutting rates is getting stronger, due to which the rise of gold may gain momentum.
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There could be another reason behind the increase in demand for gold and the revival in the market. Finance Minister Nirmala Sitharaman is going to present the budget on 1 February. The import duty on gold can be increased in this budget. To curb business losses, there is a possibility of increasing the import duty, which could be reduced from 15 percent to 6 percent in the budget on July 23, 2024.
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