Gold prices fall, gold prices on 22 September
What was the price of gold in the futures market on Friday?
Gold fell 0.44 per cent to Rs 51,490 per 10 grams in the futures market on Monday due to reduced demand. On the Multi Commodity Exchange, gold fell by Rs 225, or 0.44 per cent, to Rs 51,490 per 10 grams for October delivery. It traded for 8,443 lots. At the same time, for delivery in the month of December, gold was softened by Rs. 243 i.e. 0.47 percent at Rs. 51,617 per 10 grams. Meanwhile, gold was trading 0.37 percent down at $ 1,954.80 an ounce in New York.
What was the price of gold in bullion market on Friday?
Gold plunged by Rs 326 to Rs 52,423 per 10 grams in the national capital on Monday due to a weak global trend and a fall in the rupee exchange rate. According to HDFC Securities, the precious metal had closed at Rs 52,749 per 10 gram in previous trade. In the global market, gold declined to $ 1,940 an ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "The gold price remained under pressure with the dollar improving." With the increase in gold, the initial gains could not be maintained and it declined. "
Gold became cheaper by about Rs 4500 in one and half month
On August 7 last month, gold touched its highest level in the futures market and the price per 10 grams rose to Rs 56,200. Since then, gold prices have fallen by about Rs 4500. Although this is a good time to buy gold, but despite giving huge discounts due to low demand in bullion market, people are not getting attracted to gold as before.
Discount over Rs 600!
For the last 5 weeks, dealers on gold rate today in India are trying to attract people for shopping by giving a discount on gold in India. Last week, a discount of up to $ 23 per ounce, or about Rs 608 per 10 grams, was given. Last week, a discount of $ 30 an ounce was being given, whereas before that a discount of up to $ 40 an ounce was being offered.
This time there will be less demand in festive season
Generally, the demand for gold increases considerably during October - November. The reason for this is the arrival of the festive season. Gold always shines close to Diwali, but due to Corona this time people are facing financial crisis, which has a direct impact on the demand for gold. A Gold dealer in Mumbai says that this time the demand is expected to be less even during the festive season, as prices have gone up significantly.
Gold became a boon during the Corona era
Gold is a useful asset in deep crisis, in the current difficult global conditions, this assumption is once again being proved right. 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. In 1979, many wars took place 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, it later reverted 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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