Today Gold Price in India – Top Secrets and Chance
Gold Price in India is a big headline today! More and more people are talking about this hot topic. So what on earth is the top secrets and chance of Gold Price in India? Well, we will reveal it here.
According to Reuters reports:
India's gold demand rose on Friday as retail buyers rushed into the market to cash in on a sharp fall in prices, dealers said.
“Prices have broken the pshycological level of 12,000 rupees…demand has improved significantly ahead of Diwali and Dhanteras,” said Ashwin Choksi, partner at Jamnadas M. Choksi Jewellers.
The benchmark December contract on MCX fell more than 300 rupees per 10 grams on Friday tracking weak overseas markets.
It has lost more than 1,500 rupees so far in October.
Overseas gold extended losses and fell 4 percent to touch its weakest level since September 2007.
If the prices fall below 10,000 rupees, it will be difficult to meet the demand, said a dealer with a large private bank.
As you may have heard, India’s gold prices eased further on Thursday as weak crude oil eroded the value of the metal as an inflation hedge, and local buyers reacted with heavy purchases, dealers said.
“There is a huge demand… in the last couple of days alone 10 tonnes may have been sold all over India,” said Prithviraj Kothari, director of Riddisiddhi Bullions Ltd.
Foreign gold, that guides the local market, rebounded from a two-week low on bargain hunting as crude oil stabilized after steep drops from its all-time highs this month.
In the local market a stronger rupee made gold softer, keeping it well under the 13,000 rupees per 10 grams mark, perceived as too expensive.
The euro fell to the lowest in almost two years against the dollar, while the pound traded near its lowest in more than five years. Spot gold traded at Rs 11,640 per 10 gm in Mumbai on Thursday, down by nearly Rs 300 and Rs 11,541 per 10 gm in Ahmedabad, down by Rs 600 per 10 gram over the previous day. On the MCX platform, gold December futures also fell to the day’s low of Rs 11,601 per 10 gram, down by nearly Rs 900 over the previous day.
As the prices of the noble metal fell, gold exchange traded funds (ETFs), once among the top performing funds, too slipped to the bottom. Valueresearchonline.com data shows gold ETFs have given a negative monthly return of 5.93%. Annual returns are still positive, at 22.70%.
If you are a smart investor, you may see good chance now. It may be the perfect time for you to invest on gold. If you take action immediately, you may earn tons of money in gold investing marketing. But please don't do that without plan, you should be careful to take action.
Experts predict that gold price in India will keep falling for a couple of weeks at least. Investing professionals also remind investors this is a good chance to invest and encourage them to seize this perfect chance. But meantime they also warn investors don't do that blindly, they should do some further research before taking any action.
Needless to say, the fall of gold price in India is a good news for you if you are interested in gold investment. It could earn you tons of money in short time! So why not take action right now?