New Delhi: Indian bullion market is not able to catch up even after Dhanteras and Diwali shopping has started. Gold and silver prices continued to decline for the second consecutive day in the festive season. Today, a weakness of Rs 91 per 10 grams to Rs 54 per 10 grams was recorded in different categories of gold. Similarly, silver fell by Rs 462 per kg in today’s trade despite increased festive demand in the market.
According to the information provided by the Indian Bullion and Jewelers Association (IBJA), the average price of 24 carat (999) gold in the domestic bullion market today fell by Rs 91 to Rs 50,339 per 10 grams (tentative). . Similarly, 23 carat (995) gold also fell by Rs 91 to Rs 50,137 per 10 grams (tentative). While the price of jewelery i.e. 22 carat (916) gold recorded a weakness of Rs 83 per 10 grams today. With this, 22 carat gold reached the level of Rs 46,111 per 10 grams (provisional). Apart from this, a weakness of Rs 69 per 10 grams was recorded in the price of 18 carat (750) gold today. With this fall, 18 carat gold reached the level of Rs 37,754 per 10 grams (provisional) while 14 carat (585) gold today fell by Rs 54 to Rs 29,448 per 10 grams (provisional).
Despite the trend of festive buying in the bullion market, once again the trend of silver prices continued to decline today. Silver (999) declined by Rs 462 per kg in today’s trade, due to which the shiny metal slipped to Rs 56,105 per kg (tentative).
According to market expert Mayank Mohan, there is a bullish trend in the festive business of the Indian bullion market. The purchase of gold and silver coins has also increased in the market. Despite this, the Indian market is not able to catch the expected momentum due to the pressure of the global market. The situation is that for Diwali and Dhanteras, many big brands are also offering discounts on the purchase of gold and silver, but due to the pressure of inflation and the indifference of business investors, the bullion market is not gaining momentum.
According to Mayank Mohan, at present, most of the buying in the market is being done by individual investors in the form of festive purchases. Business investors are currently keeping an eye on the continuous fluctuations in the price of gold and silver in the international market. This is the reason why they are avoiding doing business openly right now. Despite the festive season, the Indian stock market is not able to grow at the expected pace due to business investors staying away from the market.
Mayank Mohan believes that this week’s bullion market can have a bullish trend during the last 2 days, which can continue till Diwali. After Diwali, the bullion market may once again face a fall in the pressure of the international market. Therefore, apart from making festive purchases, it is better for small investors to put off their investment plans for the time being.
