Demand for gold increased due to Rakshabandhan and festive season

Rakshabandhan is on Monday i.e. 19th August, after which the festivals will start. In view of this, there is a boom in gold purchases. In Mumbai’s Zaveri Bazaar, there is a 25 percent increase in the demand for jewelry weighing 400 to 500 grams for Rakshabandhan, the demand of investors has increased by 20 percent. People associated with the jewelry industry say that this is the best opportunity to buy gold, because in the coming months, the price of gold can reach 75,000 to 76,000 per ten grams (without GST charges). Jewelers have also completed their preparations for the upcoming festive season. Keeping Rakshabandhan in mind, jewelers have brought a range of light jewelry in the Mumbai bullion market. At the same time, big gold jewelers retailers Tanishq, Caratlane and Marbar Gold have also launched new collections in the market. The reduction in interest rates by the Fed and the geopolitical crisis will have an impact on gold prices. Indian Bullion and Jewelers Association (IBJA) National Secretary Surendra Mehta told Amar Ujala.com that gold prices may see an increase in the coming days. According to market experts, gold prices will be affected by whether or not the US central bank Federal Reserve cuts interest rates.