Mumbai, October 10: The price of gold continued to rise on Thursday. A 10 gram 22 carat gold in Mumbai was priced at Rs 37,610, up by Rs 10 as compared to Wednesday's price. The rate of a 10-gram 24-carat gold today was Rs 38,610, according to GoodReturns report. The price of a 10-gram silver remains unchanged at Rs 485.
Reportedly jewellers have started lining up good offers ahead to Diwali and Dhanteras, the auspicious occasion to buy gold. Festive season and in addition to the wedding season usually sees a spurt in the gold sales. However, the rising prices and weak demand may decrease gold sales by 50 percent this year during Dhanteras. Reportedly, the gold prices in India are about 20 percent high so far this year. Dhanteras 2019: Gold Loses Glitter in Domestic Market, Sales Likely to Decline by 50% Over Rising Prices.
One of the major factors that have led to the rise in gold rates is the economic slowdown. The new IMF chief on Tuesday warned that the global economy is experiencing a "synchronized slowdown," saying that "everyone loses in a trade war".Tension about the global economy, the trade war and softening monetary policy stance by global central banks have sharply lifted gold prices this year.