new Delhi : The price of gold and silver (Gold Price) has been fluctuating for the last few days. Navratri has also started from today and the festival of Dussehra and Diwali is coming. During the Pitripaksha, the gold price was seen to decline, but like every time in the festive season, the gold price is likely to rise this time. If you also want to invest in gold at this time, then this time is better. According to experts, many customers have booked gold when it is cheaper and they will take delivery of it on the auspicious time of Dhanteras. In such a situation, if you also make gold booking now, then you can take cheap gold delivery on Dhanteras.
Where did the price reach
Gold and silver are losing their sheen due to the strength in the US dollar. During the whole week also, the prices of both gold and silver declined. In the international market, gold has dropped below $ 1,500 an ounce after 1 week.
Experts say that due to the strengthening of the US dollar and a long holiday in China next month, profit-booking increased and gold and silver declined. However, commodity market analysts point out that before the start of the festive season, there will be a fall in gold and silver buying.
Came down to 1500 dollars
On the international futures market Comex was trading at $ 1,498.15 an ounce, down $ 17.05, or 1.13 per cent, in December futures contract for gold, while gold fell to $ 1,493.45 an ounce during trading.
Fall in silver also
At the same time, silver was trading at $ 17.49 an ounce, down 2.34 percent in December contract. Ajay Kedia, director of Kedia Commodity, said that China is a big buyer of gold and silver and there will be a five-day national holiday in the beginning of next month, due to which profit-booking in gold and silver is being seen.
Dollar getting stronger
The biggest reason for the slowdown in gold and silver is the strength in the dollar. The dollar index, showing the strength of the dollar against the six currencies of the world, touched 98.95 level for 3 consecutive days.
Reconciliation in US China
Apart from this, a new round of talks to resolve trade issues between the US and China is going to be held next month, which has brought the stock market back again. Investors' tendency towards gold and silver has weakened due to the rise in the stock.
Kedia said that although this fall in the festive season in the Indian market, customers will be attracted towards shopping. Pitripaksha is ending on Saturday and Navratri is starting on Sunday. Shopping season will begin with Navratri.