Gold prices are reaching for the sky as India begins festive shopping

Gold prices are soaring globally on Wednesday (September 24), continuing at the pace it has set. The prices are at an all-time high, according to Good Return, the yellow metal has dipped slightly from yesterday, the correction is mere INR 33 for 24 karat gold per gram. It is currently priced at INR 115,370 for 10 grams. Largely, the metal is showing an upward trend, and now as the festive season has begun, it is estimated to show a stark increase. Though gold is traditionally looked at as a safe investment, and it is almost customary to buy the yellow metal during auspicious occasions. It’s a sign of prosperity and also has a never-diminishing value and rate.

On September 16, gold was at INR 111,930 and is already reaching for the sky. The prices are only estimated to trail further hereon. WION had spoken to an expert, who confidently mentioned that by the year's end and through the festival season, prices would only continue to rise. And that’s the route the metal has taken. He had estimated by December, or maybe slightly earlier, the price tag would read INR 125,000.

Also read: Shanghai installs world's 1st 'gold ATM', people rush to sell generational jewellery. Is India next?

Gold prices are steadily rising, Chetan Bagrecha, Director, Nikita Jewellers, said, "Gold prices have been peaking for over six to eight months now, and that too without any correction. It has been showing a steep rise, and from we are predicting it will go up to INR 122,000 to 125,000 by year-end.”

“The wars around the globe and the US tariffs have heavily impacted the prices, and one may not see respite in the near future,” he added.

The demand for silver is increasing, and with that, the prices will also surge much higher.