Gold price: Yellow metal gets Rs 1500 costlier in 10 days; rates may reach Rs 52000-level

Reported by- Mrituenjay Kumar Jha

The gold and silver prices are showing volatility all over the world but in the last 10 days the price of gold has increased by more than Rs 1500. Speaking on the triggers behind the hike and giving the outlook, Mrituenjay Kumar Jha, Commodity Editor and Anchor at Zee Business said that majority of experts had said during Diwali that the rate of gold will increase in coming time.

He said that the price of the yellow metal has increased by more than Rs 1500 in 10 days and has surpassed the Rs 49,300-level.

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Citing the reason behind the same, he said that the biggest reason behind the hike is the US's inflation data is at a high of 31 years.

Majority of bullion market experts have said that the gold prices will increase in the coming days as all the fundamentals and indications are positive for gold.

Jha further added that in the coming 1.5 months gold prices can even reach the levels of Rs 51000-52000 as big buying is being seen.

The World Gold Council data on gold demand in India has also indicated towards the rise in demand for the yellow metal as the demand has increased by 47 percent and jewellery buying has increased by 58 percent, he added.

He also said that as this is the time of weddings, gold demand will rise further.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)