Gold price expected to surge in Diwali: Report indicates price to hit ₹63,000

Gold prices may continue to soar ahead of Diwali. A report by Motilal Oswal says that prices could touch ₹63,000. During previous years, gold demand has witnessed a surge during festive seasons, a phenomenon deeply rooted in cultural traditions and gifting practices.

Motilal Oswal's report talks about recent market dynamics that indicate a noteworthy shift in investment behaviour, with individuals seizing opportune moments to invest, irrespective of seasonal demands.

This deviation from the norm can be attributed to various global factors that have significantly influenced the gold market. Geopolitical tensions and the policies of central banks have emerged as key players in shaping the fluctuating landscape of gold and silver prices, adds the report.

These moves have not only reflected the growing global interest in gold but have also played a pivotal role in shaping market sentiment. This year alone, these central banks have contributed to a net addition of approximately 800 tonnes, underscoring the significance of their influence, said the report.

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