Otherwise, if we look at the trend of the last 10 years, only a decline in the price of gold can be seen in the month of March. At the same time, the increase in the price of gold is seen only in the month of April. From 2014 to 2022, there has been an average increase of 2 percent in the price of gold in the month of April.
Gold Rate Today : For the last few days, the price of gold has become a topic of discussion. There is a reason for this too. Gold has once again crossed 58 thousand in India. By the end of March and the first week of April, speculations are being made to reach beyond 60 thousand. In the month of March, this boom is being seen only because of the decline in the global banking sector and the slowdown in the financial sector. Otherwise, if we look at the trend of the last 10 years, only a decline in the price of gold can be seen in the month of March. At the same time, the increase in the price of gold is seen only in the month of April. From 2014 to 2022, there has been an average increase of 2 percent in the price of gold in the month of April.
Now the question is, why does the price of gold in India increase in the month of April? In which the first major global reason is the end of China’s Lunar New Year. After that the purchase of gold from China starts there. Apart from this, there are four such domestic reasons due to which there is an increase in the price of gold. Let us also tell you what are those reasons…
Gold buying ahead of wedding season
Looking at the wedding season in the end of March or in the month of April, there is an increase in the price of gold. There is no wedding day in the month of April this year. Wedding season will start in May. In such a situation, there will be an increase in the price of gold in the month of April. Last year in the month of April there was auspicious time for marriages on many dates. Due to which the purchase of gold was seen in the month of March and there was an increase of three and a half percent in the price and the price remained flat in the month of April.
Buying gold on Akshaya Tritiya is considered auspicious
Buying gold on the occasion of Akshaya Tritiya is considered very auspicious in the country. Because of which there is an increase in demand. Last year, 28 tonnes of gold was sold on the occasion of Akshaya Tritiya. Which had crossed the level of Pre Covid. According to statistics, in the year 2019, 22 tonnes of gold was sold. By the way, gold was flat in the month of April last year. Its effect was also seen.
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There is an increase in rural demand
The increase in the price of gold in the month of April is also due to the demand coming from the rural areas. According to the experts, the rabi crop gets ripe and sold before April. Because of which there is money in the hands of the farmers. Which he likes to invest in gold. At the same time, this is seen more in the states of North India. At the same time, a lot depends on how the rabi crop has been. If the crop is good, then there is more money in the pocket of the farmers, then the demand is also seen in the same way.
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Offers and Discounts
There are also offers and discounts given by retailers, which contribute more to the purchase of gold in the month of April. During this, retailers try to attract people towards themselves by offering discounts on making charges or other types of offers. Due to which the purchase is good and the increase in demand is seen in the price.
How has gold fared from January to May?
What do the experts say?
According to Ajay Kedia, director of Kedia Advisory, there is an increase in the price of gold in the month of April. If you look at the trend of the last 10 years, only twice such an opportunity has been seen when gold has become cheaper. Otherwise only speed has been seen. From 2014 to 2022, gold has become cheaper by more than 2 percent on an average in the month of April. A decline is seen in March and May. Most of the reasons for the increase in the price of gold in the month of April are domestic.
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current gold prices
Amid a firm trend in the prices of precious metals overseas, gold prices rose by Rs 380 to Rs 57,450 per 10 grams in the national capital’s bullion market on Thursday. In the last trading session, gold had closed at Rs 57,070 per 10 grams. However, the price of silver declined by Rs 90 to close at Rs 66,535 per kg. HDFC Securities Senior Analyst Saumil Gandhi said that the spot price of gold in the Delhi market rose by Rs 380 to Rs 57,450 per 10 grams.
