New Delhi | Jagran Business Desk: Diwali is just a few days away and the festivities will begin with the arrival of Dhanteras, which is considered an auspicious day for the purchase of gold, silver and utensils. It is believed buying precious metals on this day may open floodgates of luck and prosperity After a sharp fall in on Monday, Gold and silver prices edged higher on November 12 amid a muted trend in the global market.
The sharp fall in the prices of precious metal was witnessed following the announcement of a successful last stage trial of Covid-19 vaccine by US Pharma major Pfizer. In global markets, spot gold declined about 5% vaccine announcement, its biggest slide since August. The news of a new vaccine trial prompted investors to dump safe-haven bullion and move to riskier assets.
As a result, the yellow metal erased all its gains since the US election when hopes for more fiscal stimulus helped prices break out of a narrow trading range. Silver also crashed around 8 percent. Now, this is could bring smiles on the faces of customers who are planning to invest in gold or go jewellery shopping. On MCX, gold futures dropped by 0.15% to Rs 50,425 while silver futures fell 0.35% to Rs62,832 per kg. This was the second day of fall in gold prices in three days.
In the Indian markets, yellow metal could hold the crucial support level of Rs 49,500 per 10 gram and it could rebound to Rs 50,300-50,500 levels again. Silver is also expected to hold crucial support of $23.50 per troy ounce and could rebound to $24.50 per troy ounce levels.
You can follow the age-old tradition and buy coins on the big day. You can buy a gold coin with the image of Goddess Lakshmi or Lord Ganesha imprinted on it. You can also shop jewellery, silver coins or a swastika symbol. On this day beautiful metal trays, silver idols of Goddess Lakshmi and Lord Ganesh.
You can also purchase gold pendants, daily wear gold rings, earrings and bracelets with diamonds and coloured gemstones.
You can also go for modular jewellery which involves assembling different pieces and customising them for multipurpose usability.
While buying gold do check the Bureau of Indian Standards (BSI) mark on the gold., the standard purity is 22K and gold coins and gold biscuits are made of 24K gold.
If you do not like the idea of investing in physical gold, you can opt for alternative ideas of investment. Also, buying physical gold is a costly affair as it involves GST and making charges. You can invest in government-backed Sovereign Gold Bonds (SGBs), gold ETFs, gold mutual funds or buy digital gold. Here, you don't have to worry about the about purity, storage and other charges.
Posted By: Rakesh Kumar Jha