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Gold ETFs or Silver: What’s Your Auspicious Purchase This Diwali?

17 Oct 2019

The second day in the festival of Diwali - Dhanteras is considered as the most auspicious occasion for the purchase of bullion be it steel, iron, copper, brass of the most precious metals of the bullion radar- Gold and Silver.

This year the highest gold purchasing day – Dhanteras- is falling on October 25. However, the bullion purchasing is also facing a tough competition from the electronics and luxury items segment as people find electronics more utilitarian rather than gold.

The heightened price of Gold is a cause of concern for many who wish to buy jewelry on the auspicious occasion. This year, the gold prices had touched record highs and are still at their premium rates. Amidst all this furore about hike in gold prices, silver has been high on the demand list as people are preferring to buy silver as their token purchase on the auspicious occasion of Diwali and Dhanteras.

You too must be planning on getting one of these elements into your home this Diwali. However, if you feel that the gold rates are a little too high for the budget and still want to go with the yellow metal, the gold ETFs may also be the best bet. Buying silver in India has also increased following the hike in gold prices.

For the upcoming Diwali and the wedding season, you may keep an eye on the following factors before making the purchase you desire.

1. US China Trade War

This is a major deciding factor for the gold prices. The prices touched their highest when the trade war tensions peaked, touching the Rs. 40,000 per ten grams mark. Even by the mid-October, there are fewer chances of any resolution on the subject and hence prices are expected to remain high.  

2. Federal Rates Announcements

The federal reserve board of US is also scheduled to conduct its rates revision meeting on October 30, in which any major announcements regarding the rate cuts may affect the prices of gold. A cut back in the interest rates of the US federal bond may also lead to reduction in prices of gold.

3. The Brexit

UK exiting the European Union has its share of impact on the global Gold rates as the confusion over the no-deal Brexit may impact Gold prices globally. Ahead of the talks between Britain and EU on October 17 and 18, the Gold rates saw a muted opening on the markets in India not receiving any fresh cues on the US China trade war front.

Key Takeaway

The Gold rates are likely to remain volatile which would definitely make it a good commodity to trade in. However, the purchasing of Gold can be done at better prices once the prices settle which can take over three to four months. To trade in Gold commodity, you may also take help of registered investment advisors to get accurate trading signals with targets and stop losses.

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