Gold prices recover after sharp fall: Is it a good time to buy gold?
A day after the prices fell sharply tracking a weak global trend, gold prices bounced back on October 1. Earlier this month, the prices hit a record high of Rs 39,885 per 10 gram.
Silver too suffered bigger losses. According to a report, gold and silver prices crashed in the previous session as the dollar index reached a fresh high of the year. Dollar index crossed 99 for the first time this year affecting the price of both gold and silver.
On Monday, gold prices declined by Rs 240 to Rs 38,530 per 10 gram in the national capital. Silver prices dropped by Rs 775 to 45,705 per kilogram. In the international market, gold was trading lower at $1,487.15 per ounce in New York and silver at $17.24 an ounce.
However, the price decline acted as a boon for customers ahead of the festive season. The wedding season is also on it’s way in November and would continue until July. According to a Money Control report, there will be around 80-85 mahurat days. The first mahurat day in November will see around 31,000 weddings in India.
On Monday, China warned of instability in international markets after reports said that the Trump administration was considering delisting Chinese companies from US stock exchanges.
However, the White House is not observing any such move right now.