Gold Prices could again touch Rs 50,000 level by Diwali, right time to buy now?

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New Delhi: The price of gold has been witnessing a lot of ups and downs lately, though rates have remained well below its highest level that the yellow metal had touched last year.

As per bullion experts, the price of gold can reach Rs 50,000 again by Diwali reported Hindustan newspaper. Gold has recovered in the recent past owing to rising inflation and increasing volatility in the stock market around the world. Demand for the yellow metal has also seen a surge due to the festive season, resulting which there has been a steady rise in gold for the past few days.

Gold in the national capital on Monday rose by Rs 182 to Rs 47,023 per 10 gram in line with rally in international precious metal prices and rupee depreciation. In the previous trade, the precious metal had settled at Rs 46,841 per 10 gram. However, silver declined by Rs 178 to Rs 64,721 per kilogram from Rs 64,899 per kilogram in the previous trade.

In the international market, gold on Tuesday edged lower, weighed down by an uptick in the dollar as investors eye upcoming key central bank meetings this week. Spot gold fell 0.1% to $1,805.96 per ounce by 0116 GMT. U.S. gold futures was flat at $1,806.60.

With Agency Inputs

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