Updated Trends: Gold Rates In India Inch Closer To Rs.19000 As Festive Season Buying Increases
Gold rates in India are slowly inching towards Rs.19,000, thanks to the festive season in South India as Gold purchase and sales have boosted tremendously. The precious metal gained another five rupees and ended at Rs. 18990. Silver on the other hand lost Rs. 400 on a Kg and ended at Rs. 29200.
Silver lost its shine due to the poor demand from the industrial sector. Gold is in strong demand from the moment as festive buying has increased, and especially in South India. Rs. 5 increased on 99.9% and 99.5% gold in the market.
It is a good time when the dealers and the Indian gold market is witnessing a strong rise in the gold sales. India has been importing gold due to high demand, and this one of the main contributors of the Price rise in India. The prices may just keep going higher for at least the next 10 days as the Kerala festival of Onam continues.