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Below the "Quote on Gold" On 16th October 2023 by Mr. Veer Mishra, Co-Founder of Plus

Global factors:

US Federal Reserve interest rates: The US Federal Reserve's interest rates have a significant impact on global gold and silver prices. When the Fed raises interest rates, it makes gold and silver less attractive to investors, as they can earn higher yields on other assets, such as US Treasury bonds.

Global economic outlook: When the global economy is strong, demand for gold and silver tends to increase, as investors seek safe haven assets. Conversely, when the global economy is weak, demand for gold and silver can decline.

US dollar: The US dollar is the world's reserve currency, and its value relative to other currencies can also impact gold and silver prices. When the US dollar is strong, gold and silver prices tend to decline, as they become more expensive for buyers outside of the US.

Domestic factors:

Demand from Indian consumers: India is the world's largest consumer of gold, and domestic demand plays a major role in determining gold prices in the country. Demand for gold is typically strong during the festive season and during times of economic uncertainty.

Rupee-dollar exchange rate: The rupee-dollar exchange rate also affects gold prices in India. When the rupee weakens against the dollar, gold imports become more expensive, which can push up domestic prices.

Outlook for gold and silver prices in India

Gold and silver prices in India are expected to remain volatile in the coming months, as they will be influenced by a number of factors, including global economic conditions, US Federal Reserve interest rates, and the rupee-dollar exchange rate.

However, in the long term, gold and silver are generally considered to be good investments, as they are seen as safe haven assets. This is because gold and silver prices tend to rise during times of economic uncertainty.

Overall, the price of gold and silver in India is likely to remain elevated in the coming months, but there is also potential for volatility. Investors should carefully consider their investment goals and risk tolerance before investing in gold or silver.