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There are several reasons for the rise in gold prices. One reason is the ongoing war between two countries, which has led to increased uncertainty and volatility in the global markets. Gold is often seen as a safe haven in times of uncertainty, and investors are buying it as a hedge against risk.
Another reason for the rise in gold prices is the ongoing decline in the value of the rupee. The rupee has fallen by more than 5% against the US dollar in the past year, making gold more expensive for Indian buyers.
Despite the rise in gold prices, many Indians are still refraining from buying gold during Pitru Paksha. According to Hindu beliefs, it is considered inauspicious to buy gold during this time.
However, some investors are taking advantage of the rise in gold prices to buy gold for investment purposes. They believe that gold prices are likely to continue to rise in the coming months, and they are buying gold now to lock in profits.
If the current trend continues, gold prices in India could reach their highest level in six months by the time the Pitru Paksha ends.
Here are some additional details from the original Hindi news article:
The war between the two countries is expected to lead to higher oil prices, which could also support gold prices.
Indian investors are also concerned about rising inflation, which could make gold a more attractive investment.
The Pitru Paksha is a time for many Indians to focus on their spiritual lives. They may be less likely to buy gold during this time, even if they are considering it for investment purposes.
