New Delhi: According to the latest report of the World Gold Council, gold prices are witnessing a strong surge in both international and domestic markets, and jewellery buying and investment activities are expected to continue.
Especially rural demand is showing signs of improvement. This year, due to better monsoon and higher crop sowing, the rural economic situation is expected to be strong, which is expected to increase gold purchases during the festivals.
The report pointed out that gold prices continued to strengthen in September. International gold prices rose by 2.8 percent, while domestic prices rose by 1.6 percent in the same period. Despite these gains, Indian gold prices remain 2 percent below pre-Union Budget levels due to a 9 percent cut in import duty announced in July.
Gold performed strongly in August, with international prices inflation 3.7 percent and domestic prices expansion 3.9 percent. The rally was largely driven by expectations of interest rate easing in the US, which led to a decline in the US dollar, further boosting gold’s appeal as an investment.
Gold prices grow due to improvement in rural areas and strong demand due to festive season: World Gold Council
