Since start of October there has been a rise in gold price; on Tuesday the rate per 10 gms was `30,800
The gold prices have been rising slowly since the last few days in the city.
On Tuesday, the rate of gold per 10 gms was Rs 30,800 which was Rs 100 per 10 gm higher than Monday when the price of the precious yellow metal was Rs 30,700 per 10 gm.
Infact since the begining of October itself there has been a rise in the price of gold, signalling an increasing demand of yellow metal on account of coming festival and marriage season.
On October 1 the rate of gold was Rs 29000 per 10 gm while on October 12 it rose to Rs 30,500 per 10 gm.
Meanwhile, the rate of silver on Tuesday was Rs 38,875 per kg while on Monday it was Rs 38,750 per kg.
The investors inform that one of the primary reasons for gold prices rising is the increase in buying by jewellers in view of festive and marriage season.
“The jewellers are buying gold to cater to the orders given by the clients for dhanteras and marriage season,” informed a jeweler while speaking to DNA.
The city jewellers, whom DNA spoke at the time on Navratri had claimed that the season got them good response and advised the customers that they should not wait in case they are planning to buy gold as the rates may increase further.
After Shradh, Navratri is considered to be an auspicious time for buying gold and people start giving orders to the jewellers to make gold coins, biscuits and other jewellery items.
Just after Diwali, the marriage season starts which continues till at least mid February. For these purposes people buy lot of jewellery and all this is reflected in the rates of gold.
Seeing gold as a valuable alternative compared to stocks and other securities many investors invest in gold on this ocassion as the rates rise.
Meanwhile, the Government of India, in consultation with the Reserve Bank of India (RBI), has decided to issue Sovereign Gold Bonds 2018-19.
The Sovereign Gold Bonds will be issued every month from October 2018 to February 2019.
The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges.
| Gold Rates |
|
| Date |
Rate |
| October 1 |
29000 10gm |
| October 12 |
30,500 10gm |
| October 22 |
30,700 |
| 30,700 |
30,800 |
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