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Rising trend of gold price keeps the prospective buyers anxious!
Posted on: 20/Jan/2020 3:54:02 PM
Even as the prospective gold-buyers are increasingly anxious about the rising trend in gold prices, the experts in this field and the gold jewellery traders observe that there is only one prospect - for the gold price to go up further!
Again, even as the consumption level of gold keeps increasing, the price of gold has also been increasing likewise!
The gold prices have been shooting up since3 June 2019 - The price of 1 sovereign was Rs. 24,632 during the 1st week of June and it shot up to Rs. 25,176 during the last week of June!
Subsequently, there has been a trend of increase in the price of gold. Uring August 2019, the price of gold per sovereign crossed the Rs. 29,000 mark and scaled a new peak!
Later, there were upward and downward fluctuations in the gold price. However, during September 2019, the gold price scaled a new peak again - by crossing Rs. 30,000 per sovereign.
However, over the last 2 months, the price of gold per sovereign has remained under Rs. 30,000.
In this scenario, the advent of New Year has witnessed an unprecedented price rise for gold! Especially, on 3rd January, the jewellery gold price per sovereign crossed Rs. 30,000. During the same evening (3rd January), the gold price shot up again by Rs. 632 per sovereign and sold at Rs. 30,520 per sovereign!
Subsequently, another new peak was touched on 8th January - the price shot up by Rs. 272 per sovereign and gold was sold at Rs. 31,176 per sovereign.
This steep rise in the gold price over such a short period has caused a great burden on the prospective gold buyers for their wedding and their important occasions!
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