Even though there has been a decline in the prices of gold and silver on the last day of October. But there has been a significant increase in both the precious metals throughout the month. Where an increase of more than Rs 3300 has been seen in the price of gold. On the other hand, an increase of more than Rs 1800 has been seen in the price of silver. Whereas on October 31, a fall of about Rs 1100 was seen in the price of silver.
According to experts, investors have booked profits before the Fed policy meeting. However, there is positive sentiment among investors regarding gold. Due to which we may see a good rise in the price of gold in the coming days. This means that this time gold is going to wreak havoc on Diwali. Let us also tell you what the price of gold has become before Diwali?
How much did gold become expensive in October?
In the month of October, the price of gold has become more expensive by more than Rs 3300. According to the data, on September 29, the price of gold was Rs 57,600 per ten grams, which has increased to Rs 60,940 on October 31. This means that the price of gold has increased by Rs 3,340 per ten grams in the month of October. In the month of October, investors got a return of 5.80 percent per ten grams of gold. By Diwali, the price of gold can reach close to Rs 62,500. This means that gold prices can wreak havoc on Diwali.
Silver prices also increased
There has also been a rise in the price of silver in the month of October. In the month of October, the price of silver has seen an increase of more than Rs 1800. On September 29, the price of silver was Rs 69,857. On October 31, this price has increased to Rs 71,669 per kg. This means that investors have got an increase of Rs 1,812 in the month of October. This means that investors have been given a return of 2.59 percent in October.
Gold and silver became cheaper on the last day
However, on the last trading days of October, gold and silver on MCX closed with losses. On October 31, after the price of gold fell by Rs 340, the price closed at Rs 60,940. However, during the trading session, the price of gold had reached the day’s low of Rs 60,905. On the other hand, a big decline is also being seen in the price of silver. Gold price on MCX fell by Rs 1080 and closed at Rs 71,669. However, during the trading session, silver had also gone up to Rs 71,525.
Why was there slowness?
According to Ajay Kedia, Director of Kedia Advisory, investors have booked profits before the Fed policy meeting. Gold prices abroad have increased by $250. Due to which profits have been recovered from the investors. However, sentiments regarding gold remain quite positive in the coming days. Ajay Kedia said that on the day of Dhanteras, there may be a rise in the price of gold and the price may reach the level of Rs 62,500.