Despite being the Karthika Masam the auspicious season, the gold rates have come down. Usually, before and after Diwali the Gold rate goes up, but this year the rate has come down.
The rate per 10 grams has come down by Rs 600 to Rs 700. It was hovering around Rs 40000. Now the rate per 10 gram is around Rs 37500.
There is a recession in all the sectors, but Gold business is going on. People are of the opinion that it is wise to save money or park the extra money in the form of Gold. The FD interest rates also have come down.
The Gold exchange business is going on and new gold purchase has come down to some extent. The only way the money is expected to appreciate is in the form of Gold and land.
Some of them who keep money in the form of big denominations are now switching over to Gold. The Rs 2000 notes are being converted into Gold it is reported. The Gold which hovered around Rs 40000 per ten grams has now gone down to Rs 38000.
The silver rates have also come down and the rate per Kg is around Rs42000/-