Gold is at the lowest level of the last three years. But the way it has shown momentum for the last two weeks, it seems that there may be a sharp jump in it. On Friday, a day after Diwali, the Multi Commodity Exchange (MCX) saw a slight decline of 0.03 per cent in gold prices and reached Rs 47,540 per 10 grams. But during the Muhurta trading on Diwali, gold prices increased by Rs 600 per 10 grams and silver by Rs 1,800 per kg. Here, the price of gold is showing a lot in the spot market.
Prices may rise due to increase in demand for gold in the country
There is still a festive season in the country and there will be many big festivals till January. With this the season of weddings will start. Actually last year marriages were reduced due to Corona and due to this the demand for gold will decrease. But this year this demand can see a very sharp increase. Therefore, the price of gold in the spot market can be seen to increase. In such a situation, this time can be the right time to buy gold.
Despite all-time highs in other asset classes like global equity market and metal market, gold has not seen any rally so far this year. It is trading 15 per cent below its all-time high of Rs 56,191 per 10 grams on MCX i.e. Rs 8751. Therefore, it is being said that conditions of pent-up demand are visible in gold and due to this, the price of gold Can climb a lot.
Gold Price Today: Gold prices rose in the spot market as soon as Diwali passed, silver also became expensive – know what is the reason
Gold may become costlier due to improvement in global economy
Commodity market experts believe that with all the relief packages in the global market and increase in economic activity in America, inflation will also increase. In such a situation, investors can increase investment in gold to hedge inflation, which can increase its value. India is the largest gold importer country in the world. Every 800 to 900 tonnes of gold is imported in the country. At present, due to low prices, the demand for gold in India has increased a lot this year. May take a new leap by 2021.
Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.