Aurangabad, Oct 21:
After unlock, the price of gold had gone up to Rs 55,000. Now that the rates have come down to Rs 51,000, the bullion traders are hoping for an increase in number of gold purchases on Dussehra.
All bullion market in the city was closed until June due to the lockdown. However, after unlock, the markets opened and gold prices skyrocketed. The price of 10 gram of gold went go up to Rs 55,000 in August and continued to rise and fall in September.
It was speculated that the price of gold would touch Rs 60,000 mark. However, gold prices have fallen by Rs 9,000 to Rs 10,000 in the last one month. This has led the common buyer to turn to buying gold again. Gold has a special significance in Indian culture. Due to this, there is a tradition of buying gold for weddings and special occasions including Dussehra, Diwali, Gudipadva.
As Dussehra is just a few days away, people have started crowding the gold and silver shops in the city. At present, gold is being sold at Rs 51,500 per 10 grams and silver at Rs 63,000 per kg. Gold prices are expected to rise by more than a thousand rupees after Dussehra.
Rajendra Mandlik, president of the Bullion Association, said "It was a golden opportunity for shopping as rates have been reduced. The traders are hoping for good business in Dussehra and Diwali. However, the proportion of buyers is still low. However, the market is likely to rebound after Dussehra."
Tendency to buy gold bonds
Many citizens buy gold every festival. While some invest in gold through gold bonds. Bonds are purchased through nationalized banks. As per the information given by the Reserve Bank this year, the price of gold bond has been fixed at Rs 5,051 per gram. For this, those who apply online will be given a discount of Rs 50 per gram. These gold bonds can be purchased through bank and post. Many are turning towards the gold bond schemes.