Bhopal. Traders and businessmen are anticipating a fierce conflict between Israel and Hamas. Traders say that if the war prolongs, it will have a bad impact on Indian business. Meanwhile, market analysts associated with the bullion market say that the war between Israel and Hamas has dashed the hopes of cheap gold. Last August, during Rakshabandhan, gold was cheap and it was expected that the prices of gold and silver would remain low on Navratri, Dhanteras and Diwali. Due to which there will be a boom in purchasing by customers in the bullion market. But the ongoing war between Israel and Hamas is fueling the rise in gold prices.
Gold crosses Rs 64 thousand by the end of the year
It is being said that demand for jewelery will increase due to demand for festivals along with marriage demand. Hence, there is less hope of cheap gold this Diwali and Dhanteras. By Diwali, gold can go up to Rs 63 thousand per ten grams and silver up to Rs 77 thousand per kg. According to experts, this war does not seem to end soon. In such a situation, prices may reach $1885-1900 per ounce.
Military conflict increases uncertainty
According to experts, gold has become costlier by around Rs 3,000 since the beginning of October. The gold which was Rs 57,700 per 10 grams on October 1 has now come to Rs 62,500 per 10 grams in the local bullion market. Whereas silver, which was around Rs 70,000 per kg on October 1, reached the level of Rs 75,000. According to Naresh Aggarwal and Sanjeev Garg (Gandhi), the latest military conflict between Israel and Hamas amid the already ongoing Russia-Ukraine war has increased uncertainty in the entire world. There will be strong demand for gold in the domestic market till Diwali. Then a lot of gold will be purchased during the wedding season. Bond yields are decreasing in the international market and the dollar is weakening. This will continue to support gold.
