Gudi Padwa: Traders fear Gold prices may reach Rs.75,000 per tola

As gold prices continue to surge in the market, traders fear over the possibility of gold reaching ₹75,000 per tola before the auspicious occasion of Gudi Padwa. The rapid increase in gold rates has raised concerns among citizens, especially those planning to purchase gold for weddings and festivals.

Gold prices hit all-time highs as the futures market opened on Monday, reaching Rs 69,487 per tola. In various cities like Jalgaon and Pune, the exchange rates soared even higher, surpassing Rs 70,000 and Rs 70,843 respectively after including GST. Within just a few days, the price of gold surged by Rs 4,000, causing apprehension among many individuals.

The upcoming festival of Gudi Padwa, considered auspicious for buying gold, adds to the worries of potential buyers. With Gudi Padwa approaching on April 9, it remains to be seen if the current gold price of around Rs 70,000 will escalate to Rs 75,000 by the auspicious day.

Several factors contribute to the rapid increase in gold prices. The anticipation of interest rate cuts by the Federal Reserve has led to heightened investor interest in gold, both internationally and in India. Additionally, global geopolitical tensions, such as the Russia-Ukraine conflict and disputes in the Middle East, have increased the appeal of gold as a safe-haven investment amidst volatile times.

While traders and experts previously predicted gold reaching Rs 75,000 by the end of 2024, the current trajectory suggests that this milestone may be reached sooner than anticipated. As uncertainty looms over future price hikes, many individuals are left wondering about the trajectory of gold prices in the coming months.