Gold Rate Dips Despite Festive Season
Posted on: 04/Nov/2015 3:41:23 PM
Diwali is fast approaching and people all over are gearing up for the celebration. In spite of this, the price of gold has touched the lowest in October.
People are skeptical about purchasing gold in bulk as the price of this yellow metal has been in downward trend. Uncertainties prevail with the metal and hence, people keep postponing purchase of gold, says C.P. Krishnan, whole time director, Geofin Comtrade.
Standard gold of 99.5 purity got reduced by Rs 184 and arrived at Rs 19720.00 per sovereign. Pure gold of 99.9 purity reached Rs 26,360 per 10 grams.
The present gold rate is the lowest of all the earlier times including the peak it touched in 2011.
As there will be heavy demand during the months of October to December, the price usually peaks around this time. Further, the reason for the hike is also the surge in demand due to holiday season in China which stands as the second largest buyer of gold.
However, unlike previous years, gold has touched a four-week low.
