Gold Price Outlook: rapid rise on Gold Price, People selling old Gold
Business| Gold is running above 34,000 rupees per 10 grams. In the last few days, its price has risen more than 9 per cent. People are selling their old gold due to the increase in prices. According to ET, the supply of old gold has increased by 15 to 20 percent. These increases have occurred in the months of January and February. According to traders, NBFCs are also selling the defaults of gold due to rising prices.
On Monday, the gold rate was Rs 34,225 per 10 gram in Delhi Sarafa Bazar. According to Ananth Padmanabhan, Chairman of All India James and Jewelry Domestic Council, small financiers, traders and ordinary people are selling gold due to the rising prices. According to them, this trend will look just for a short time. People will start shopping if the price is stable.
At the same time, according to Mumbai Jeweler Kumar Jain, there is no use of selling gold. Gold prices will go up further. According to Jain, the gold price is expected to go up to Rs 40,000 by Diwali.
According to him, many people are bringing old gold due to marriages. In exchange, they are taking new jewelry
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