As Fabrizio Moreira says, “Investing in gold is one of the wisest decisions that you can make as an investor”, and the best time to invest in this precious metal is now with gold prices falling to six-months low!
As we enter the 10th month of the year, gold is trading on the lower side of the MCX (Multi Commodity Exchange) and has slipped steeply by almost 4.7% in September. Experts believe that the recent gold prices are primarily driven by real interest rates. It means that gold has a promising future if you are considering a long-term investment.
Sudden Downfall of Gold Prices – What Caused It
A surge in the US dollar rates and the shortage of safe-haven demand are considered the two primary reasons for the downfall in the gold prices recorded on the Multi Commodity Exchange this month. Investors believe that gold is a safe-haven asset and investing in digital gold is a wise decision during economic uncertainty or when the market is in turmoil.
Current Scenario in the International Gold Market
Gold prices witnessed a sharp fall of 4% in the international market with its price touching almost $1846/oz last week. There is more inflationary pressure than experts expected due to an increase in US bond yields and a drastic fall in crude oil prices which have directly impacted the inflation-hedged demand for gold.
Impact of International Gold Price on India
Though the fall in crude oil prices and the strengthening of US dollar has put pressure on the precious metal, but the possible demand for gold from India might limit a drastic fall in its price. Our country is the second-largest consumer of gold, and our key demand season is about to start. Not only will it boost domestic demand but also support gold prices. So, every digital gold purchase you are making now might turn out to be profitable for you soon.
myDigiGold – A Haven for Digital Gold Investment
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. We have made creating value and wealth simple, secure and systematic. Since gold price has come crashing down, this is the best time to visit https://mydigigold.com/ and buy digital gold with just a few clicks. You can redeem it according to your convenience online by visiting https://sencogoldanddiamonds.com/ or any of our 140+ Senco stores.