Pune: Gold demand rises during Diwali, prices likely to reach Rs 2 lakh in next five years

Pune, November 05, 2024: Despite a steep rise in gold prices in the last six months, this Diwali saw a significant increase in gold purchases. Be it for festivals, weddings or investments, people maintained interest in buying gold. This year the bullion market showed strength and business also increased.

During Diwali, jewellery shops witnessed a huge rush of customers due to new and trendy designs as well as wedding and festive shopping. The amount of gold sold was down by 10-15% compared to last year, but the overall business increased significantly due to the increased prices.

Experts believe that the price of gold may cross ₹1 lakh for 10 grams in the next one to one and a half years, as global tensions are increasing due to war-like situation around the world. Due to this increasing tension, investors are getting attracted towards gold, which is also increasing its price. Market experts estimate that the price of gold may increase from ₹ 1.68 lakh to ₹ 2 lakh in the next five years.