Buying gold in India is considered a good way of investment. For centuries, people have been trying to buy their savings gold. For the last few days, there was a decline in gold purchases, but once again gold purchases have increased. This bounce is being seen at a time when gold prices are increasing continuously. The increase in gold prices in the last 7 days has broken its own records. The question arises that why is gold getting so expensive? Also, why is its demand in inflation increasing?
Effect of American tariff
The price of gold has changed since the announcement of tariff by Donald Trump. In fact, on April 2, the US announced tariffs, after which gold prices fell from Rs 93,750 per 10 grams to Rs 90,600 per 10 grams on 8 April. After this, when the tariff was postponed, the gold prices were again seen to be surprised. Since 8 April, there has been a steady increase in gold prices. On April 17, the price of gold rose by Rs 7,100 to Rs 97,700 per 10 grams.
With this, gold broke all its previous records in just 5 days. Meanwhile, people who bought gold at a price of Rs 90,600 on April 8 have made a profit of 7.84 percent in 7 days. The price of 24 carat (per 10 grams) of gold in India has crossed 98 thousand.
Demand increased due to Akshaya Tritiya
Despite continuous inflation, the demand for gold is increasing. After Dhanteras, the festival on which the most jewelery is purchased is Akshaya Tritiya. Akshaya Tritiya will be celebrated in the country on 30 April, so that people are buying gold before. It is estimated that the price of gold may be seen once again in the coming two weeks. Apart from this, there are marriages in May and June, due to which gold purchases also increase. In view of the way gold prices are rising, investors are buying gold.
