Despite being the festival season, the gold rates have come down. Usually, before Diwali the Gold rate goes up, but this time the rate has come down.
There is a recession in all the sectors, but Gold business is going on. People are of the opinion that it is wise to save money or park the extra money in the form of Gold. The FD interest rates also have come down.
The only way the money is expected to appreciate is in the form of Gold and land.
Some of them who keep money in the form of big denominations are now switching over to Gold. The Rs 2000 notes are being converted into Gold it is reported. The Gold which hovered around Rs 40000 per ten grams has now gone down to Rs 38000.
The gold rate has come down by Rs 50 to Rs 100 which is very significant for the buyers.
There were expectations that the gold rates may go up for the Diwali season. But all said that and done it may not cross the Rs 40000 mark for the 10 grams that is being called as one Tola.
On the other hand, the silver is hovering around Rs 45000 per Kg. There is huge demand for the Gold when compared to Silver.These days ornaments are made in silver and coated with Gold.
