New Delhi, September 10 (Udaipur Kiran) – Due to a recent spike in international gold prices and expectations of new highs in the domestic market, gold buying has surged this September. With the wedding season starting in November, jewelers are already seeing advance bookings. It is reported that gold jewelry sales and advance bookings have increased by up to 50% this month.
Currently, 24-carat gold is trading around ₹73,000 per 10 grams in the country. Experts predict that gold prices might exceed ₹76,000 as the Diwali and wedding seasons approach. The festival season, which began with Ganesh Chaturthi, is expected to boost gold purchases. Although there may be a slight dip in buying during the Shraddh period, it will likely pick up with the start of Navratri.
Experts say that during the festival season, people tend to invest more in gold. Fresh bookings for the wedding season are expected to drive prices up further. According to Sudhanshu Bansal, a trader in Delhi’s jewelry market, gold prices typically rise around Diwali because people consider buying gold on Dhanteras or Diwali as auspicious. After Diwali, the wedding season starts, leading to increased demand for gold.
Bansal also notes that gold prices are reaching new heights internationally due to increased global investor concern amid Middle East tensions and the Russia-Ukraine conflict. Safe-haven buying has surged, and central banks in various countries have been purchasing gold, pushing international gold prices above $2,500 per ounce. On September 18, the U.S. Federal Reserve is expected to announce its decision on interest rates. A rate cut could drive gold prices even higher, potentially reaching $2,600 per ounce.
Mayank Mohan, a bullion market expert, also anticipates a rise in gold prices by Diwali due to increased international market activity and domestic demand. Although a recent budget cut in gold duty caused a temporary price correction, prices are expected to climb again. People are already making advance bookings with jewelers to avoid paying higher prices later.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.