Investing in gold is one of the easiest ways to preserve your wealth! Fondness for gold is deep-rooted in Indian history with people willing to buy jewellery on or before festivities. It is believed that gold brings long-lasting happiness, prosperity and good luck.
If you desire to buy gold jewellery with complete transparency about gold prices and market trends, you can consider digital gold investment by visiting myDigiGold. You can even rest assured of making a wise investment by knowing the factors that impact the price of digital gold.
Few Vital Factors That Impact Digital Gold Price
Weekly Spot Gold Price
If you are planning to invest in digital gold, a closer look at the weekly Spot Gold prices will let you take a more informed decision. In the third week of October 2023, the price of gold has rose by almost 5.5% to hit more than a 3-week's high of $1932/oz.
Spot gold price has made the most significant gain in the last 7 months in response to the war between Israel and Palestine which has led to geopolitical uncertainties. On 7th October Israel launched airstrikes on Gaza and on 13th October the price of gold rose to almost ₹1497 per 10 gm on the Multi Commodity Exchange (MCX).
Jewellery Market Condition
There is a high chance for gold prices to go up during Indian festivities like Diwali as the demand for the precious metal increases. The festival of Dhanteras is celebrated to honour Lakshmi, the Goddess of wealth and prosperity and buying gold is quite common. Since the gold price is still quite low, you can visit https://mydigigold.com/ to buy digital gold and redeem it on Dhanteras by visiting https://sencogoldanddiamonds.com/ or any of our 140+ Senco stores.
Since gold has a steadier character than currency, gold price remains more or less stable during inflation. Investors generally turn to gold with the objective of preserving their wealth, instead of stocks or bonds. They prefer holding gold and the demand for the precious metal increases. As a result, the price of gold increases in both domestic and international markets during inflation.
Ready to Invest?
Since you are now aware of the vital factors that impact the price of digital gold, it’s time you start digital gold investment and buy a beautiful piece of gold jewellery to look stunning during this Durga puja or Diwali. myDigiGold, by Senco Gold & Diamonds is a widely preferred digital platform for gold transactions where you can buy and redeem digital gold at the best price.