James Dye once said, “If you have money buy gold. It is going to double in value”. Nowadays, digital gold has emerged as a smart investment option for those willing to diversify their investment portfolio.
It is advisable to choose a reliable digital platform for gold transactions like myDigiGold and you don’t have to worry about the security of your digital gold. We even offer the convenience of buying, selling and redeeming your gold investments online from the comfort of your home.
In the stock market, gold prices ended lower last week after four consecutive sessions of hike, making the upcoming Dhanteras the perfect time for digital gold purchase.
A Closer Look at the Crashing Down Gold Price
The price of Spot Gold failed to retain its $2000/oz mark in the initial days of last week. The US dollar slipped by 1.4 percent and hit a 6-week's low of almost 104.94 last week. The fall in the price of crude oil and the strengthening of the US dollar made the price of Spot Gold hit as low as $1969/oz.
The slow growth of the US job market and cooling down of wage inflation eased the labour market conditions. MCX Gold lowered by 0.2% and became as low as ₹60,661 (approx.) per 10g last week due to the sudden fall in the overseas gold market.
Geopolitical Tension and Upside of Gold Price In The Global Market
Though gold price is falling in India, the stock market is more concerned about the global uncertainties caused by the ongoing Israel-Hamas war. The stock gold price gained almost 6.8% in October and finished the month at around US$1,997/oz. The geopolitical tension is having a direct impact on safe-haven flows. If the political risk continues or worsens, a sustained rally in gold is on the cards. Not every gold investor is aware of the fact that gold prices closed at a month-end high in almost all major currencies.
Why Choose Dhanteras For Digital Gold Investment?
The Indian practice of buying physical gold on the auspicious event of Dhanteras is gradually getting replaced by digital gold. It is primarily because the latter is not only safe and secure, but you can also avoid the crowd during the peak festive season.
At myDigiGold, customers can redeem the accumulated digital gold online as per their convenience by visiting https://sencogoldanddiamonds.com/ or at any of our 150+ Senco stores. If you are planning gold purchase on Dhanteras, invest in digital gold and let Goddess Lakshmi bestow her blessings on all.
Disclaimer: The information provided on this blog is for general informational purposes only. The data presented here is based on our research and understanding, and we cannot guarantee its accuracy or reliability.