InvestorQ : Everyone in my office is discussing buying gold? Why? Has it become cheaper?
Tanu Shukla made post

Everyone in my office is discussing buying gold? Why? Has it become cheaper?

Answer
user profile image
2 years ago


Gold has typically been a form of investment that has two advantages. 1. The value has traditionally appreciated over years. 2. It is an asset which can be liquidated or shared as a collateral in case of money required.

Purchasing Gold is a part of the Indian psyche and believed that its always good to have some handy. If not as an investment, it does get consumed at some point in time when there is an occasion in the family. Though purchasing of gold for Dhanteras/ Akshaytritiya/ Dusshera is at times not recommended as high demand pushes up prices.


user profile image
2 years ago


While everyone wishes gold became cheaper, the reason it is being discussed in your office is because Dhanteras is nearing. Dhanteras is the first day that marks the festival of Diwali in India and it is also the day that most Hindu communities consider auspicious for the purchase of gold.

This is why suddenly everyone is discussing buying the yellow metal. Not that Indians need a reason because our love for gold is unparalleled in the world.

Due to increased demand and the way demand supply works, gold prices have increased in India. In fact, gold prices were close six-year highs yesterday after rising by Rs 70. Gold of 99.99 and 99.5% purity rose to Rs 32,620 and Rs 32,470 per 10 gram, respectively.