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Gold prices may hit Rs 70,000 level by Diwali; should you invest?

Gold prices may hit Rs 70,000

Gold prices, which are touching new highs every day, are likely to surge higher in the coming days. The rates of yellow metal crossed Rs 57,000-level in the national capital on Friday, marking the 16th straight session of clocking new gains, according to HDFC Securities.

Meanwhile, experts are of the view that the price of gold will touch new a new high by Diwali this year.

As per a report by JP Morgan, the yellow metal could hit past the Rs 70,000 mark over the next two years. According to experts, the global economic downturn will not end right away, even after the end of the COVID-19 crisis.

Thus, in such circumstances, in the wake of economic turbulence, the demand for gold is expected to continue and rise further.

Also Read: Gold prices at all-time high of Rs 57,008, silver continues to rise

Gold prices surged to an all-time high of Rs 57,008 per 10 grams in the national capital on Friday, marking the 16th straight session of gains for the yellow metal, according to HDFC Securities.

Meanwhile, silver, too, continued with its winning streak, maintaining an upward movement. The price of the metal climbed by Rs 576 per kg to touch a record-high of Rs 77,840 per kg as compared to the closing level of Rs 77,264 a kg on Thursday.

Gold had closed at Rs 57,002 per 10 grams in the previous trade. The yellow metal’s price rose by Rs 6 to Rs 57,008 per 10 grams.

Prices of both metals recorded all-time high prices, HDFC Securities said.

Also Read: Gold price scales fresh high of Rs 56,143, silver above Rs 77K

“Spot gold prices for 24 carat in Delhi continued to scale new highs by gaining Rs 6. Gold prices are trading higher for teh 16th consecutive day in India,” HDFC Securities Senior Analyst (Commodities) Tapan Patel told PTI.

In the international market, both gold and silver were trading marginally lower at USD 2,061 per ounce and USD 28.36 per ounce, respectively.

Motilal Oswal Financial Services Vice President (Commodities Research) Navneet Damani said, “another day, another all-time high for gold and silver. Both the metals are just jumping numbers with still a lot of steam left in them”.

Also Read: From gold loans to home loans: RBI makes life a little easier for borrowers

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