Mumbai, October 16: The gold rates have increased again on Thursday. The price of a 10-gram 22-carat gold was at Rs 37,310, up by Rs 10 and the price of a 10-gram 24-carat gold was at Rs 38,310, according to Good Returns report. Today is the auspicious occasion of Karwa Chauth when married Hindu women keep fast for their husband. They break their fast by looking at the moon in the evening. Gold prices have been choppy in India since hitting a new high of about Rs 40,000 per 10 gram last month.
In the domestic futures market, gold prices fell in the early trade today as investors restricted their bets, taking cues from the spot market. Market observers have predicted that in the near-term, gold and silver prices are likely to remain volatile. Talking about the international scenario, the weaker US consumer data may trigger one more rate cut by the US federal reserve in the next policy meet which may be positive for gold. Dhanteras 2019: Gold Loses Glitter in Domestic Market, Sales Likely to Decline by 50% Over Rising Prices.
In India, with Diwali and Dhanteras approaching, usually the gold sales increases. However, the scenario is different this time as people are affected by the slowdown in the economy. With the rise in the rates, many people are not being able to buy gold on this auspicious occasion. In addition to this, a recent World Bank report on the economic slowdown of the country has dampened the buying momentum.