Is The Gold Rate Going To Increase Further In 2024?

gold rate

Gold rates increased from INR 5,826 on March 28th to INR 7,227 by April end. It's sure to increase further! 

Gold prices are on the rise, not just in India, but globally. Despite the current high prices, we anticipate continued growth, possibly reaching ₹80,000 to ₹85,000 by the end of next year, 2025.

Previously the increase in gold rates was steady, somewhat predictable. But now, if you just check the gold rate of the last 10 days—you'll see how much they can change in just a week!

For example, 

For instance, between 2000 and 2010, it took a whole decade for gold prices to soar from Rs 4,500 to Rs 18,500. Then, in just two years, from 2010 to 2012, they skyrocketed from Rs 18,500 to Rs 31,500.

And remember the whole "end of the world" scare in 2012? Well, while the world didn't come crashing down, it certainly gave gold prices in India a good shake-up that they're still feeling today.

After the 2012 frenzy, gold prices started on a downward slide until... you guessed it, COVID-19 happened! The pandemic caused gold prices to surge back up to Rs 35,000 per 10 grams in 2019, and they've been climbing ever since. In 2021, they hit a peak of Rs 52,000, and today, they're at an all-time high of Rs 65,000 per 10 grams.

Why Are Gold Rates Increasing Day-by-day? 

The upward trend is far from over. Speculation, central bank purchases, a dip in the Dollar Index, China's gold hunger, and even whispers of a U.S. interest rate drop are all playing their part! 

Well, can you believe 10 gm of 24k gold rate in 1964 was just Rs.63.25! 

Wishing for a time machine, right? We all do. But instead of daydreaming about the past, let's focus on the present and future, especially with inflation on the rise. After all, "today's the past, our future would wish to retreat to"— Let's make it a golden one! 

What are the most auspicious days to buy gold in India? 

Unlike the past years, the gold rate in a week can hit another hedge. But hey, where there's volatility, there's opportunity. And if you're eyeing that shiny, time-tested investment of gold, Angara gold coins got you covered – they're not just circles of gold, they're circles of profit waiting to fill your pockets!

Although gold can be bought anyday, at any moment to enjoy profits, it can also bring you fortune if it's purchased on the ‘shubh muhurats’.  

Here's a list of the best days to buy gold

  1. Ugadi or Gudi Padwa: Ugadi or Gudi Padwa marks the beginning of the Hindu New Year and is much more than just a date change. It's a golden opportunity! Investing in gold on this day helps you step for something new in the most sparkling way!

  2. Akshaya Tritiya: Akshaya, meaning "never-ending" in Sanskrit, holds immense spiritual significance. Buying gold on this day is thought to attract limitless prosperity. It marks the onset of Satya Yuga, the divine descent of the Ganga River, and the birth of Goddess Annapurna, further elevating the significance of acquiring gold on this auspicious day.

  3. Navratri: Navratri, dedicated to Goddess Durga, isn't just about worship; it's also an auspicious time to acquire new possessions, particularly gold jewellery. This act is believed to invoke the blessings of the goddess. Additionally, the cultural ambiance encourages the exchange of precious moments, often symbolized by shiny gold and silver gifts.

  4. Dussehra: celebrated during the 'shubh muhurat,' is an auspicious time that is perfect for buying gold, bringing happiness and wealth into your home.

  5. Diwali/Dhanteras: We all know this one— Symbolising the victory of light over darkness and good over evil, this day is synonymous with wealth and prosperity. Buying gold on this day is like bringing Goddess Lakshmi home.  Consequently, silver and gold coins are highly sought-after on this occasion. 

  6. Pushyami: Pushyami days are auspicious for financial moves like gold investments, especially during Guru Pushya Amrit Yoga on Thursdays.

  7. Balipratipada: Diwali's fourth day, celebrates victory over darkness and is ideal for gold purchases, symbolising wealth and divine blessings.

We know what you're thinking now—is it good to buy gold today

Of Course it is, coz' who knows, Goddess Laxmi might just be waiting at the threshold while you look for the best moment! So, if you don't spot any of those auspicious dates when you're ready to invest, don't hesitate—just go for it! You can always make another purchase when those special days roll around. 

Here's A Tip!

Opt for gold coins if you're purely investing, but if you want to sparkle in gold, go for jewellery with added gemstones. They not only retain their value but also cover the making charges.

So, is the gold rate going to increase further in 2024? Well, don't hold your breath for a dramatic decline (unless India stumbles upon a hidden treasure trove!).  Why delay when gold is accessible in every budget? You can choose from various gold carats or opt for smaller denominations in 24k gold coins and bars. After all, investing shouldn't require selling off the utensils!

But remember, time is precious, just like the Angara jewellery collection. And with gold rates on the rise, it's a 'seize the moment' scenario!

So, don't wait more— ‘now’ is the time to grab the yellow metal. 

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