New Delhi: Ahead of Dhanteras which is on October 25, the prices of gold and silver have slipped significantly. In what seems to be good news for customers who are looking at buying gold in the festive season or those who are looking to buy gold for investment purposes, the prices would not rise any time soon.
According to reports, gold futures prices slipped 0.35% to Rs 38,062 per 10 gms on Friday. Silver prices also dipped 0.7% to Rs 45,228 per kg. As PTI reported, in domestic spot markets, prices of 24 Karat gold declined Rs 145 to Rs 38,925 per 10 gram in Delhi.
Gold prices in the country are in sync with that of the international prices which are being determined by Brexit talks and China’s economic growth. The European Union backed a new Brexit deal with Britain on Thursday. The markets cheered the progress on talks. Concerns over a trade war between the United States and China are also impacting the prices. China’s economy grew 6 percent in the third quarter, the weakest pace in many years.
Gold is often used at such times as a hedge against uncertainty.
So, is it a good time to buy gold?
According to experts, gold prices will keep oscillating owing to global uncertainties. One should not procrastinate when the price dips. If one is looking at investment, one should accumulate gold on each dip.
(With Agency Inputs)