Dhanteras 2018: Gold Price Above 31,800; Silver Rates Follow Suit
Gold prices traded in the green on the occasion of Dhanteras 2018. At 12:14 pm, gold price was at Rs 31,809 per 10 gram, up 0.19 per cent on the Multi Commodity Exchange (MCX). Silver prices followed suit after earlier trading in the red. Silver price was at 38,649 per kg, up 0.08 per cent, according to mcxindia.com. Buying of gold is considered to be auspicious on Dhanteras. Experts recommend buying gold this dhanteras as it provides support against inflation.
How is gold as an investment this Dhanteras?
"Gold as an asset class provides good amount of diversification benefit as it has a very low correlation with other asset classes. While large parts of a portfolio are occupied by growth oriented products, gold provides a hedge against inflation and volatility," Vijay Kuppa, Co - Founder, Orowealth, told NDTV.
(Also Read: Gold Prices Rise On Token Buying On Dhanteras)
Experts recommend an allocation of 10-15 per cent of your portfolio in physical gold or gold funds. "It is suitable to have 10-15 per cent allocation towards gold or gold funds. Gold prices are currently witnessing an upward momentum. The remaining allocation can be parked in high fundamental stocks," said Dinesh Rohira, Founder and CEO at 5nance.com.
Earlier on Saturday, gold prices recovered by Rs. 20 to Rs. 32,650 per 10 grams amid festive season demand. For the week, gold prices surged to a near six-year year of Rs. 32,780 before ending at Rs. 32,650 per 10 gram amid pick-up in buying activity ahead of Diwali. (With agency inputs)
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