Gold Price Forecast / Gold and silver prices may increase due to Israel-Hamas war - Gold now at ₹ 56,539

Gold Price Forecast: Global tension has increased due to the war between Israel and Hamas, and this will provide support to gold and silver. In such a situation, there may be a rise in their prices in the coming days. According to India Bullion and Jewelers Association (IBJA), currently the price of 24 carat gold in the bullion market is Rs 56,539 per 10 grams. Whereas silver is at Rs 67,095 per kg.

Anuj Gupta, Head (Commodity and Currency), HDFC Securities, said, 'When there is uncertainty in the world economy, people increase investment in gold. They feel that gold will provide them security and its value will not decrease. Due to this, the demand for gold may increase in the coming days. With this, gold can go up to 58 thousand and silver up to 70 thousand.

Fall in gold and silver so far in October

This month i.e. at the beginning of October i.e. on October 1, gold was at Rs 57,719 per 10 grams, which has now come down to Rs 56,539. That means its price has seen a decline of Rs 1,180 so far this month. Talking about silver, its price decreased by Rs 4,508. It fell from Rs 71,603 per kg to Rs 67,095 on October 8.

India consumes 700-800 tons of gold every year

There are three types of demand for gold in India. Firstly, gold is bought for jewellery, secondly for investment and thirdly, the central bank buys gold to keep reserves with itself. India consumes 700-800 tonnes of gold every year, out of which 1 tonne is produced in India and the rest is imported.