Despite being the auspicious season, the gold rates have slightly come down. Usually, before the festival season the Gold rate goes up, but this year the rate has come down.
The rate per 10 grams has come down slightly. It was hovering around Rs 40000. Now the rate per 10 gram for the 22-carat ornamental gold is around Rs 38500. The 24-carat gold is around Rs 40,250.
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 Gold exchange business is going on and new gold purchase has come down to some extent. 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 silver rates have not changed and there is a chance that they may come down.