Gold Price Drops Provide Relief for Wedding Season Buyers
The price of gold has been fluctuating in recent days, but the overall trend has been downwards, offering some respite to those looking to purchase gold for weddings. After a consecutive drop, the price of 24 carat gold hit 56,000 rupees before starting to increase again. In Kolkata yesterday, the price of 24 carat gold was 59,425 rupees. It is difficult to predict when the price will fall again, but by examining the graph, it may be possible to make a prediction. If you have a limited budget and aren't in a hurry, it's advisable to wait for a few days.
During the wedding season, gold is an essential part of many ceremonies. Despite the growing opposition to gold and gambling practices across India, giving gold ornaments to the bride remains a tradition. However, attitudes are slowly changing, with fewer brides willing to go along with the practice. Men are also starting to take a lesser role in the tradition. Nevertheless, the price of gold remains an important factor for many people during the wedding season, with many keeping a close eye on the fluctuations in the market.
According to the latest update from Good Returns, the price of 22 carat 10-gram gold in Kolkata was 50,900 rupees on Thursday, down from 51,000 rupees the day before. The price of 24 carat 10-gram gold was 55,530 rupees on Thursday, down from 55,630 rupees the previous day. The price of silver has also decreased, dropping to 61,580 rupees per kg, down from a high of 77,949 rupees per kg. The price of silver has also started to increase again, and on the day of the report, it was trading at 65,450 rupees per kg.
The fluctuation in gold and silver prices can be attributed to the US dollar index, which has returned to 105. This has impacted the demand for gold and silver, resulting in a decrease in price. However, the US dollar index remaining stable has given many people confidence to invest, which may lead to a further decrease in demand for precious metals.
Given the recent fluctuations in the market, it's advisable to wait for a few days before purchasing gold. It's important to keep an eye on the market and the trend in the graph to determine the best time to buy. It's also worth noting that the price of gold can increase due to market demand, so it's essential to be vigilant and make purchases with caution.