Gold, silver dip slightly; festive season may spark fresh rally

Gold and silver prices have seen constant fluctuation over the past few days. After a continuous rise, the precious metals have seen a slight fall. But with the festive season and wedding season approaching, gold prices are expected to gain momentum again. This is why customers and investors are watching closely to see whether the current dip holds or gold moves towards new records in the coming days.

In trade this morning, gold prices registered a slight fall. Spot gold fell 0.3 percent, or 11.6 US dollars, to 4,282.61 US dollars per ounce. Gold prices are reported to be near their lowest level since August 7. Spot silver remained largely stable, trading around 64 US dollars per ounce.

According to bullion traders, the price of 24-carat gold is 1,51,350 rupees per 10 grams. In the international market, gold was recorded at 4,326.90 US dollars per ounce. According to Goodreturns, the price of 24-carat gold has touched 1,53,320 rupees per 10 grams. Customers are therefore advised to check the latest applicable rate for their city and local market before making an actual purchase.

The recent fall in gold and silver prices is being described as part of normal market movement. After a continuous rise in gold prices, some investors began profit-booking, which directly affected the prices of the precious metals. Besides this, developments in the international market also affect gold and silver prices in India. Changes in the global market are reflected in the country's bullion market as well.

Gold and silver prices are currently seeing a dip, but the upcoming festive season is considered significant. With Dussehra, Diwali and the wedding season that follows, demand for gold in the country is expected to rise. Higher demand could support gold prices again. Market experts say prices may see fresh momentum in the coming months after the current dip.

According to Ajay Kedia, director of Kedia Advisory, the price of 10 grams of gold could reach 1.60 lakh rupees by the end of September. He has forecast that gold prices could reach the 1.80 lakh rupee level by the end of the year. Going by this estimate, gold prices could see a significant rise compared to current levels in the coming period. However, gold prices continue to be affected by global market conditions, investor activity, demand and other economic factors, so actual prices could change.

Along with gold, silver prices are also expected to rise. According to Ajay Kedia, silver could reach 3 lakh rupees in the coming period. Silver is currently trading internationally at around 64 US dollars per ounce. As with gold, investors and customers will be watching closely for further movement in silver prices.

Estimates suggest gold prices could reach 1.80 lakh rupees per 10 grams. On a per-tola basis, this could translate to a figure of around 2 lakh rupees going forward. However, this is not a fixed rate, only an estimate by market experts. The coming months could therefore prove significant for customers planning to buy gold during Dussehra and Diwali. Whether the current dip holds or festive demand drives another sharp rise in gold prices will depend on further market movement.