Yellow Metal Probable to Touch 33,000 Rs Mark during the Upcoming Festival

October 28 05:50 2013

gold 2October 28: Only a few days are left for Diwali, the festival of light. People love to shop during festive season and especially on Dhanteras or Dhanatrayodashi, which is considered as an auspicious day amongst Hindus considering that purchasing of silver or gold coins, vehicles like cars and bikes, electronic goods, mobile phones or utensils brings blessings of Maa Lakshmi in life – adding lots of prosperity and happiness.

Despite the fact that demand is anticipated to stay muted as a consequence of elevated costs and inadequate supply, yet rates of the yellow metal are likely to be at highs another time, crossing 33,000 rupees per 10 grams during this festival season that starts from Friday, Nov 1 only.

In the week that has just passed, gold closed at 32,570 rupees per 10 grams and 31,700 rupees per 10 grams in Delhi and Mumbai, respectively. At the ending week of August 2013 only, a record high of 34,000 rupees per 10 grams was touched by the gold in Delhi.

Although customers use to purchase yellow metal on Diwali and wedding seasons that are almost in, however, this time in 2013, a fall in demand for gold has been noticed and it is due to soaring prices of the metal, turning out to be an unaffordable commodity for the buyers.