India's Festive Gold Rush Pushes Prices Higher Ahead of Raksha Bandhan

The upcoming Raksha Bandhan festival is driving up gold prices in India. According to market enthusiasts, prices are unlikely to stop rising until the end of the year, influenced by global cues and excessive domestic demand.

India's festive season typically sees a surge in gold demand, which in turn pushes prices higher due to an imbalance between supply and demand. This trend is expected to continue with upcoming events like Dhanteras, Diwali, and the wedding season.

The current price of 24-carat gold stands at Rs16,767 per gram, while 22-karat gold costs Rs15,436 per gram. These prices are significantly higher than last year's figures, with a 65% increase year-over-year.