BUY GOLD: In Indian Hindu traditions, buying gold during Pitru Paksha (usually in September) is considered a big NO-NO, an inauspicious period when many avoid purchasing gold or valuables.
And it is nothing other than about respect for ancestors and keeping things spiritually balanced.
But here’s the twist: this dip in gold buying is only temporary.
On the global front, gold prices are dipping right now, but don’t get too comfortable. As soon as Pitru Paksha ends, spoiler alert, that’s tomorrow, And people across India will rush to buy gold.
The question is Why? Because the season ahead is packed with subh mahurat moments- festivals, weddings, and culturally significant days where gold isn’t just metal; it’s a symbol of prosperity and love.
Think weddings: gold is more than just bling, it’s a cherished gift, a way to show love and blessings. Then there’s Diwali, the festival of wealth and lights, dedicated to Goddess Lakshmi, the goddess of wealth. Buying gold during this time isn’t just tradition; it’s like inviting prosperity home.
So, if you’ve been holding back during Pitru Paksha, get ready! The gold rush is coming, and it’s as unstoppable as your favorite Bollywood dance number at a wedding!
What Affects Gold Prices In India?
- Global Market Factors
- Inflation: Higher inflation increases gold buying as it is seen as a safe investment.
- Economic Uncertainty: Recessions or financial crises lead to higher demand for gold as a “safe haven” asset.
- Interest Rates: Lower interest rates make gold more attractive compared to interest-bearing assets.
- Geopolitical Tensions: Conflicts, trade wars, and political unrest boost gold prices due to increased demand.
- Currency Movements
- US Dollar Strength: A weaker dollar makes gold cheaper globally, increasing demand and pushing up prices.
- Rupee-Dollar Rate (USD-INR): A weaker rupee raises the cost of importing gold, making it more expensive in India.
- Supply & Demand
- Mining Production: Limited or disrupted supply and rising production costs can lead to higher prices.
- Jewellery Demand: India and China drive demand, especially during festivals and weddings.
- Industrial Use: Gold is also used in electronics and other industries, adding to demand.
- Investment Demand: Purchases by ETFs, central banks, and retail investors influence prices.
- Government Policies
- Import Duties & GST: Higher taxes and import duties directly increase gold prices for Indian buyers.
- RBI Gold Reserves: The Reserve Bank of India’s buying or selling of gold affects market sentiment and price trends.
- Monetary Policy: Central bank decisions on inflation and interest rates impact gold demand and pricing.
- India-Specific Factors
- Festive & Wedding Season: Cultural events like Diwali, Akshaya Tritiya, and wedding seasons see a spike in gold demand and prices.
- Rural Demand: A large portion of India’s gold buying comes from rural areas, often driven by agricultural success and harvest seasons.
- Market Sentiment: Public perception, investor emotion, and speculation can drive short-term price changes.
Gold Price Today In India
- Gold price in Ahmedabad
- 24K Gold: ₹1,11,190
- 22K Gold: ₹1,01,920
- Gold price in Bangalore
- 24K Gold: ₹1,11,160
- 22K Gold: ₹1,01,890
- Gold price in Chennai
- 24K Gold: ₹1,11,590
- 22K Gold: ₹1,02,280
- Gold price in Delhi
- 24K Gold: ₹1,11,290
- 22K Gold: ₹1,02,020
- Gold price in Gurgaon
- 24K Gold: ₹1,11,290
- 22K Gold: ₹1,02,020
Read More: Gold Price Today: Yellow Metal And Silver Prices Edge Lower Ahead Of Fed Meeting- Check Latest Rates In Major Indian Cities
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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