Gold jumps during Navratri, will prices rise after Dussehra? Find out what the experts say.

The best time to buy gold is on the occasion of Dussehra (Dussehra 2023).- India TV Paisa
Image: File The best time to buy gold is on the occasion of Dussehra (Dussehra 2023).

During Navratri (Navratri 2023) the price of gold continued to rise. The rise in gold prices is believed to be due to the outbreak of fresh conflicts in West Asia. Talking about the trend of gold prices in the last few days, experts say that in 10 days, the price of gold per 10 grams has increased rapidly from 56 thousand rupees to 60 thousand rupees. The Financial Express reported that as the Israel-Hamas conflict escalates, concerns about its spread across the wider Middle East region have grown, leading to increased demand for this traditional and safe haven.

Prices will increase by 10%

According to the news, investment demand and physical retail demand have returned which is supporting the price of gold. Prithviraj Kothari, MD and CEO of RSBL (Riddisdhi Bullions Limited) says that the fundamental and technical scenario has improved from a long-term perspective for investing in gold. I expect prices to be at least 10% above current levels by next year. This is why Dussehra (Dussehra 2023) is the best time to buy gold. Gold is considered a safe asset in times of geopolitical uncertainty. According to MK Wealth Management, an immediate bullish trend is expected in gold.

Investors’ preference for gold increased.

If we look at the international market, technically gold price targets remain at US$1990 and US$2030. Money management firm MK Wealth Management Firm said ongoing conflicts in the Middle East have increased investors’ preference for gold, which has led to increased demand and, obviously, increased prices, resulting in the asset The prices of goods have increased.

Gold price has good support at USD 1880 and USD 1860 levels. It said that in the pre-conflict context, despite persistent inflation in all major economies, gold did not rise much because inflation was accompanied by extremely tight monetary policy, which pushed interest rates higher. Investors will keep a special eye on gold in the coming times.

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