Mumbai: If you are planning to invest in gold, do not delay any further.
According to analysts, the price of the yellow metal could touch Rs 40,000 per 10 gram by Diwali this year.
There is, however, a section which is making the most of the spike in gold prices.
According to a report by news wire IANS, jewellers are reporting about scrap gold flooding the market as consumers are busy selling old gold.
What is the reason for the sky-high price?
According to the report, a slump in production and the prevailing sentiments in the global economy is pushing prices up.
“Gold prices were surging primarily owing to the decline in global growth rate, Anuj Gupta of Angel Brooking told IANS.
He further predicted that gold prices will hover around Rs 39,000 to Rs 40, 000 per 10 gram by Diwali.
India is the second biggest market for gold in the world. Evidently, high prices has hit demand.
In Delhi market, gold of 99.9 per cent purity was trading at Rs 38,420 per 10 gram and gold of 99.5 per cent purity was trading for Rs 38,250.
The report said that gold imports to the country had already come down by 42 per cent at just over $1.71 billion in July.