As Akshaya Tritiya, a highly auspicious day for investment, approaches, Gold prices have witnessed a remarkable increase of around 18% in the last year. The India Bullion and Jewellers Association reports that gold is currently trading at Rs 71,502 for 10 grams, with a purity of 999. Many experts suggest that this is an opportune moment to invest in gold, as the market trend is on the rise and expected to continue in the near future. Despite the delay in rate cuts by the Fed, gold has remained resilient, with small corrections and an overall upside trend. With hopes of another rate cut in September and weak US jobs data, gold is predicted to perform well in the coming days.
Background
Gold has been a coveted precious metal for centuries, holding both aesthetic and monetary value. As a safe haven asset, it has served as a hedge against inflation, economic uncertainty, and geopolitical risks. Recently, gold prices have exhibited a notable surge, prompting investors to consider its potential as an investment opportunity.
Current Trend
As of April 2023, the price of gold has increased by approximately 18% in the past year. The India Bullion and Jewellers Association (IBJA) reports that gold is currently trading at Rs 71,502 for 10 grams, with a purity of 999. This bullish trend is attributed to various factors, including:
Expert Insights
Experts in the precious metals industry suggest that this is an opportune time to invest in gold. The market trend is on the rise and is expected to continue in the near future. Despite the delay in rate cuts by the Federal Reserve (Fed), gold has remained resilient, with small corrections and an overall upward trajectory. With expectations of another rate cut in September and weak US jobs data, gold is predicted to perform well in the coming days.
Top 5 FAQs
1. Why is gold price increasing?
Gold price is rising due to a combination of factors, including inflation, geopolitical tensions, a weak US dollar, and haven demand.
2. Is now a good time to invest in gold?
Experts believe that the current market trend makes gold an attractive investment opportunity.
3. What is the expected return on investment in gold?
The return on investment in gold depends on various factors, including the duration of investment, market conditions, and fluctuations in gold price.
4. Is it better to buy physical gold or gold ETFs?
Both physical gold and gold ETFs have their pros and cons. Physical gold provides tangible ownership but requires storage and insurance costs. Gold ETFs offer convenience and liquidity.
5. What are the risks associated with investing in gold?
Like any investment, gold carries some risks. These include price volatility, storage-related risks, and political or economic events that could impact demand.
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