Consumers planning to do their Diwali shopping of gold should not wait for the last moment as past trend indicates that prices have mostly gone up in the one-and-a-half month period before the festival.
However, those with a penchant for silver can take it easy as prices of the precious metal mostly cooled off over the past seven years.
The effect of the upcoming festival can be seen in the Indian market. Due to the increased trend in jewelry and overseas markets, gold today rose by Rs 50 to Rs 30,600 per 10 grams in the national capital on Saturday. Silver also increased by Rs 250 to Rs 40,450 per kg.
According to global sources, due to the weakness in the dollar, due to the selection of the safe investment option, the bull market has strengthened itself. Gold in Singapore, which normally sets price trend on the domestic front, rose 0.37 percent and silver by 0.81 percent. Now the value of gold is $ 1,275.80 per ounce and silver is $ 16.75 an ounce.
In Delhi, prices of 99.9 and 99.5 purity rose by Rs 50-50 each, now they are priced at Rs 30,600 and Rs 30,450 per 10 gram respectively. However, a day before the price increase, it had declined by Rs 200. Ginni did not affect the price rise, it is only Rs. 24,700 per eight grams.
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