Gold Prices Hit An All Time High: 50% effect has been seen on the trade of jewelers in Surat due to the all-time high in gold prices during Diwali. During Diwali, the price of gold has reached an all-time high. Gold prices are constantly increasing and the concern of jewelers has increased. On the occasion of Diwali, purchases are seen in jewellers’ shops, but this year, gold prices have increased during Diwali.
Gold Prices Hit An All Time High
In Surat, jewelers’ shops have faded. The price of gold has crossed 80,300. It has reached the highest price so far. Due to the international market, gold and silver prices have reached historic levels. The buying of gold by the countries of China and Saudi Arabia has a big impact on the global market. The ongoing war at the global level has affected the price of gold. The price of gold has reached the sky due to the reduction of the interest rate by the Federal Bank.
Investment in bullion is increasing as a safe investment due to the geopolitical tension, the uncertainty of the US election and the possibility of a reduction in interest rates by the Federal Reserve. As a result, there has been a huge boom in global gold and silver. Behind the international market, gold and silver prices have reached their new historical levels in the local markets as well. As gold prices skyrocket before Diwali, the demand for jewelery is expected to remain flat during festivals.
24 carat gold per 10 grams in Surat Rs. 500 to Rs. It reached the highest level of 80,300. Similarly, the price of 22 carat gold increased to Rs. 80,100 per 10 grams. Silver price Rs. 3,000 to Rs. reached a record level of 95,500. The global gold price was also seen at its Malabar Gold & Diamonds new peak.
Gold in the international market increased by 12 dollars to 2,722 dollars per ounce, and silver increased by 1.60 dollars to 33.73 dollars per ounce. In futures on Friday, MCX gold December futures were Rs. 77,839 per 10 grams after hitting a high of Rs. It closed at 77,749. MCX Chandi December contract Rs. 95,521 after reaching a new high of Rs. 95,402 per kg was closed. Comex gold jumped $28.90 to $2,736.40 per ounce.
The owners of the jewelers said that the uncertainty surrounding the US elections, the tension between Israel-Iran and Lebanon, the geo-political situation in West Asia and the weak economic situation of the western countries have emphasized the boom in bullion. On the other hand, tensions between India and Canada are also seen. Traders still see an 88% chance of a rate cut by the Federal Reserve in November, according to the CME FedVoy tool.
The jewelers said that due to the sudden increase in the price of gold, there is a psychological effect in the mind of the consumers which will affect the consumption of Diwali. If the price is Rs. Had it been around 77,000-78,000, it was expected that there would be good demand. Currently, gold is Rs. – Crossing 80,000, customers will wait for the price to stabilize or come down. The price is at the current level. At present, about 50% effect is being seen on the customer.
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