If you are willing to buy gold, then you should wait for a little now. In August 2020, gold had set a record high of Rs 56000 per 10 grams. After that, the fall in gold dominated, which has not yet recovered.
Due to the Global Recession, a further fall in gold prices is expected. According to the World Gold Council (WGC), gold consumption in India between October and December may decline by about a quarter compared to last year.
There was an increase in sales during the festive season. But the figures that were expected, did not reach success. Inflation is believed to be a major reason behind the fall in gold prices. The demand for gold may be low, especially in rural areas. People in rural areas buy jewellery on a large scale this season.
Let us tell you, India ranks second among the countries with the highest gold consumption in the world. China is in first place. According to experts, falling demand could impact prices, which are trading near their lowest levels in more than two years.