New Delhi: Gold continues its upward climb, setting new records and leaving many wondering: is now the right time to invest? This comprehensive guide delves into the current gold price surge, explores expert predictions, and provides a detailed breakdown of prices in major Indian cities as of March 8th, 2024.
Gold Prices Reach Historic Highs
The Indian gold market is witnessing a phenomenal rise in prices. 22 carat gold, a popular choice for jewellery, has crossed a significant threshold, nearing Rs. 60,000 per 10 grams. This upward trend extends to 24 carat gold, with prices exceeding Rs. 65,000 per 10 grams.
While Friday’s trading session saw prices remain high, market experts anticipate a potential further increase in the coming days. Some even suggest gold prices could surpass Rs. 70,000 per 10 grams after the Lok Sabha elections.
Considering a Gold Purchase? Here’s What You Need to Know
Before making a gold buying decision, it’s crucial to understand the current price landscape in major Indian cities. Here’s a handy table to help you navigate:
Important Note: Please remember that IBJA (Indian Bullion and Jewellers Association) does not release gold and silver prices on government holidays, Saturdays, and Sundays. Since today, March 8th, coincides with Mahashivratri, a public holiday, these prices reflect the previous working day.
Alternatives to Check Gold Prices
While IBJA prices may not be available today, you can explore these options to stay updated:
- Missed Call Service: Dial 8955664433 and receive current retail rates for 22 carat and 18 carat gold jewellery via SMS.
- Jewellery Shops: Visit local jewellers for the latest rates. Prices might vary slightly depending on the making charges and the jeweller’s individual pricing strategy.
- Online Gold Price Websites: Several reputable websites track and display live gold prices in various cities.
Factors Influencing Gold Price Rise
Several factors contribute to the current gold price surge:
- Global Uncertainty: Geopolitical tensions and economic instability worldwide drive investors towards safe-haven assets like gold.
- Weakening Rupee: A depreciating rupee makes gold imports costlier, pushing domestic prices higher.
- Increased Demand: Rising demand for physical gold during festivals and weddings further fuels the price increase.
- Low-Interest Rates: With low returns on traditional investments like fixed deposits, gold becomes a more attractive option.
Should You Buy Gold Now?
The decision to invest in gold depends on your individual financial goals and risk tolerance. Here are some points to consider:
- Long-Term Investment: If you’re looking for a long-term investment, gold has historically proven to be a good hedge against inflation.
- Short-Term Investment: Short-term price fluctuations can be high, so consider your risk appetite before investing.
- Investment Horizon: Clearly define your investment horizon. Are you looking for quick returns or a long-term asset?
