The main reasons for the sudden increase in gold price
Posted on: 27/Sep/2017 12:44:38 PM
The price of gold shot up like a rocket in a single day yesterday (Tuesday, 27th September) going up by Rs. 320 per sovereign.
The jewel traders observe that there will be an increase of gold price every day.
The price of gold used for jewellery has been fluctuating in the last 2 months. The price of gold touched Rs. 23000 per sovereign on 10th September. The price of gold was Rs. 2895 per gram. Then, gold was sold at Rs. 23160 per sovereign.
Later, the gold price started fluctuating. Yesterday (27th September) morning, the price crossed Rs. 23000 per sovereign. The price was up by Rs. 320 per sovereign. Silver price also shot up. It went up by Rs. 600 per kg and was sold at Rs. 43100 per kg.
The jewellery traders observed that the festive season had started. A series of festivals – Ayudha Pooja, Deepavali, Christmas, and Pongal - will come one-after-another. During this period, the investment in gold is traditionally high. There will be a considerable increase in the number of people buying gold.
So, there will be an increasing trend of gold price. Another reason for the gold price increase is the depreciation of Indian Rupee in the international market. Further, the ongoing dispute between the USA and North Korea is another reason.
