Is this the right time to buy gold and should you invest in gold before Diwali 2023?
Is gold a good investment option for Diwali 2023
We as Indians are obsessed with gold and why shouldn’t we, our land was known as the golden bird, whether it is men or women both are fond of wearing gold and also keeping gold as an investment. Since ancient times gold has been a good option for investment and demand or purchase of gold increases immensely during the Diwali season, especially during “Dhanteras”
Now the first question is, should I buy or invest in gold before Diwali or Dhateras 2023
Before answering this question, first, you need to understand how gold prices are impacted
Major central banks have increased the interest rates, whether the United States Federal Reserve or the Reserve Bank of India with the objective of controlling inflation in the country. Such kind of decisions by the central banks have an effect on the gold prices. Experts are saying there will be further hikes in interest rates which will affect the prices or demand for gold
As the gold prices were comparatively lower due to increased rates, but now they are increasing again, investors can benefit from this price drop before Diwali 2023 and can invest in gold. Various options are available in the market for investing in gold, such as
- Physical gold,
- Digital gold,
- Sovereign gold bonds or even
- The MCX market is also a good option.
How gold can help you in tough situations?
- At times of urgency, you can sell gold in the market immediately but one thing to remember is raw gold, gold bars, and coins are always better as they have low making charges, and in the case of jewelry, high making charges can lower your profit.
- In case you don’t want to sell gold, one of the best options available in the market right now is to pledge gold to a bank and take loans, these are known as gold loans, interest rates on gold loans are comparatively lower to personal loans and all the major banks in the country are providing gold loans.
- One other option is, if you have bought a sovereign gold bond then you can pledge it to the bank and avail of the loan facility.
Hence to conclude, investing in gold is always a good option because it will not only increase your wealth, but will also help you in your tough times.