Gold and silver price fell yesterday
Due to weak global cues, the bullion market saw a sharp fall in gold and silver prices on the first day of this trading week. The price of gold has fallen by Rs 460 on Monday, after which gold has reached the level of Rs 48,371 per 10 grams (Gold Price Today). Silver price fall has also been recorded. Silver has fallen by around Rs 629 to reach the level of Rs 62,469 per kg (Silver Price Today).
Silver also becomes expensive in futures market
The silver futures market also turned bullish on Tuesday due to increased demand in the spot market. Silver futures rose by Rs 679 to Rs 64,150 per kg due to increased speculators. On the Multi Commodity Exchange, the Chadi March futures contract rose by Rs 679 or 1.07 per cent to Rs 64,150 per kg. In this contract, deals were done for 12,962 lots. Analysts believe that in view of the positive trend in the domestic spot market, the increase in silver futures was recorded due to increase in deals by traders. In the global market, silver was up 1.07 percent at $ 24.31 an ounce in New York.
See how much gold and silver fell from the all-time high
August 7, 2020, was the day when gold and silver created a new record. Both gold and silver touched their all-time highs. On August 7, gold touched an all-time high of Rs 56,200 per 10 grams, while silver touched Rs 77,840 per kg. Gold has fallen by about Rs 7500 per 10 grams so far, while silver has fallen by around Rs 15,000 per kg.
Why is gold falling?
Positive news on the vaccine front to tackle the Kovid-19 epidemic is leading to a fall in gold prices. Experts say that with the improvement in the global economy and the tensions between the US and China, investors are leaving the stock market instead of gold. This is the reason why a huge surge in gold prices is unlikely in the near future. However, gold is still considered a good investment option for the long term.
Will Sona return to the pre-Corona period?
Due to Corona virus, there was a sharp decline in the stock market. With the passage of time, the stock market is constantly recovering from that sharp decline. Most of the stock markets around the world are recovering from the downfall caused by the corona, while on the other hand, gold (today gold price) has returned to touch its all-time high. There are fluctuations in gold prices in the coming days. Now the question arises whether gold will also return to the pre-corona period, because the trend has been seen that if the stock market is strong then gold is weak and vice versa. So will gold still be cheaper, because the Sensex was close to 41 thousand in January, then the price of gold was also close to 41 thousand.
Gold can go up to 67 thousand rupees
According to Motilal Oswal Financial Services, gold prices can go up to Rs 65-67 thousand per ten grams in the long term. The firm’s report said demand for gold is likely to rise back in the fourth quarter after falling 30 percent in the third quarter, as jewelery purchases will pick up during this time. The report predicts that the coming months after the US election will be crucial to fixing the gold price and meanwhile central banks’ stance, low interest rates, the impact of the Kovid-19 pandemic and other concerns could affect prices However, the prospects for bullion are good.
Gold became a boon during the Corona era
Gold is an asset to be used in deep crisis, this assumption is once again being proved right in the current difficult global conditions. Between the Kovid-19 epidemic and the geopolitical crisis, gold is again setting a record and has proved to be a better investment option for investors than other assets. Analysts believe that gold will remain high for at least one-and-a-half years amid fluctuations. Vimal Goyal, president of Delhi Bullion and Jewelers Welfare Association, believes that gold will remain at a high level for at least a year. He says that gold is a ‘boon’ for investors at this time of crisis. Goyal believes that around Diwali, gold may rise by 10 to 15 percent.
The glow of gold has always increased in times of trouble!
Gold has always shone brightly in times of trouble. There were many wars in 1979 and gold had jumped about 120 percent that year. Most recently, in 2014, even though the threat of America was looming over Syria, the price of gold had started touching the sky. However, later it returned to its old standard. Gold prices rose even when US tensions with Iran increased or when there was a Sino-US trade war.
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