Gold Prices Hikes in Tamil Nadu: ₹160 Increase for 22K Gold in Just One Day

Gold prices have risen to new highs once more in Tamil Nadu. Today, September 23, 2024, saw a ₹20 increase in the price rate of 22K gold to ₹6,980 per gram from ₹6,960 per gram the previous day. This steady climb, reaching ₹160 per sovereign (8 grams), follows a recent surge in global demand, alongside local factors influencing the market.

Several factors are contributing to this increase. Global economic uncertainty pushes investors toward gold, making it a preferable asset. Additionally, local demand is increasing with the festive season “Diwali” just around the corner, as many in Tamil Nadu prepare to purchase gold for celebrations. The recent weakening of the U.S. dollar has further influenced the upward trend in gold prices, making it more attractive to buyers.

Given the present trend, consumers may be unsure if now is the right time to buy gold. It’s essential to closely watch these fluctuations if you’re purchasing gold as an investment. Experts often recommend buying during price dips, but with the festival season nearing, gold prices might continue to rise.

However, if you’re waiting for a further dip in the jewellery market, keeping an eye on import duty policies and global economic indicators could help you make a more informed decision.

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