Gold, Silver Prices and Outlook: Gold and silver have steadily declined after reaching their record highs in August.
Gold, Silver Prices and Outlook:
After reaching its record high in August, there has been a steady decline in gold and silver. In the midst of turmoil for more than 1 month, silver is trading at a record high of 21 thousand rupees from its record high. At the same time, gold has also become cheaper by about Rs 6000 from its peak.
In such a situation, the investors who were stunned by investing in these two safe-haven assets, once again see the opportunity in this. Experts also believe that this decline in gold and silver is not a slowdown, but new investors have got a good base. In the coming days, both metals are showing good pace. In such a situation, if something else falls, you should invest in them.
Gold Investment: This is the right time to invest in gold, Give more profit
Silver: 21 thousand rupees at a discount
Silver touched a record high of Rs 79,723 per kg on MCX in August. At the same time, silver has now fallen to Rs 58,940 per kg. That is, it has dropped by about 21 thousand rupees from the peak of August. This good has become very cheap in the spot market too.
Gold: 6 thousand cheaper than high
Similarly, gold reached a record level of 56190 in August. Since then, gold has weakened more than Rs 6000 to Rs 49,725. Gold has fallen by 3.76 percent in a week. In 4 days it has broken more than 2000 rupees.
Investment in Gold: Return in gold has increased more than 3 times in 10 years, know
Why gold and silver are falling
Profit recovery has also been observed after record highs in gold and silver. The strengthening of the dollar and hopes of the Corona vaccine coming soon increased the pressure on gold and silver. Recently, buying in gold and silver was also stopped due to paternalism. Physical buoying has improved across the country, but COVID is still weaker than before 19. Silver prices have come down due to a decrease in industrial demand for silver. Recently, due to the rise in the stock market, investment in them has decreased.
Why is the fast looking ahead?
- The cases of coronavirus in India are now more than 80 to 90 thousand per day. If this happens, India can reach the top of the list soon. In such a situation, there is uncertainty in the domestic market. Coronavirus cases are also increasing at a global level.
- Demand for gold and silver will increase in rural areas due to better monsoon.
- Festivals and weddings season is coming in India, people will buy gold and silver once again.
- Elections are going to happen in the US, due to which there will be economic uncertainty. Charles Evans, president of the Chicago Federal Reserve, said recently that if Congress fails to pass an additional fiscal, the US economy may show slow and sluggishness for a long time.
- The dollar index is steadily strengthening.
- China has declared GDP positive. Industrial demand is increasing rapidly there.
Get solar power plant installed to get rid of electricity bills
Should invest in gold and silver
- Global brokerage house Citi is still bullish on gold. The brokerage has given a target of 2200 $ / oz for the next 3 months in gold and $ 2400 / oz for 1 year. The current price is 1880 $ / oz.
- Ajay Kedia, director of Kedia Advisory, says that gold is currently trading around 49,700, breaking the critical level of 50200. The next support level is Rs 49,475 and if it breaks, gold may weaken to Rs 49,100. If gold comes around 48 thousand rupees, then there will be an opportunity to invest money in it once again. In the next 1 year, it may again reach its record high.
- Anuj Gupta, deputy vice president (commodities and currencies) at Angel Broking, says the current price is an opportunity to invest in silver. By Diwali, the price of silver can go beyond 70 thousand rupees per kilogram. Kedia says that the current level of silver is giving an opportunity to enter it. In 1 year, it again seems to be approaching 80 thousand rupees.
The five banks that give you the highest interest on Fixed Deposit
#Silver #sold #discount #thousand #rupees #gold #broken #high