Gold Buying: Gold has been steadily declining for the last five days. Talking about the Delhi bullion market, due to the decision to cut the import duty of gold in the budget, gold fell by more than 1 thousand rupees. After this fall, the price of 10 grams of gold came down to Rs 47 thousand. After this, its price continued to fall and now it has come down to the level of Rs 47 thousand. Market experts believe that in the short term, there may still be a downward trend in gold, but in the long term, it can show a level of 52 thousand by this Diwali. On the commodity exchange MCX, the price of April 5, 2021 is running 47100 but the price of August 5 is running at 51366. In such a situation, this is a better opportunity for investors to invest in gold.
Possible decline in physical market
According to Anuj Gupta, vice president (commodities and research), Angel Broking, gold may fall further. The biggest reason for this is that the trend of shopping in the physical market is less. Most people are hopeful that gold may fall further. In such a situation, if you can get a chance to buy gold more cheaply after a few days. According to Anuj Gupta, gold can also show a level of 45 thousand in the physical market in February. However, after this, gold can accelerate and can cross the level of 52 thousand by Diwali.
Gold is under pressure worldwide
It is not that only in India, there is pressure on gold prices. The economy, which was chaotic due to Corona epidemic on a global scale, is now on track. Pressure on gold prices is increasing due to increasing economic activity and increasing investment in the equity market. Corona vaccination program is gaining momentum all over the world due to which economic activities are increasing. This is also putting pressure on gold because investment in the equity market is shifting.
Reduced customs duty on gold in the budget
While presenting the budget for the next financial year 2021-22, Finance Minister Nirmala Sitharaman proposed to reduce the customs duty on gold and silver to 7.5 percent. Right now, both these precious metals attract customs duty at the rate of 12.5 per cent. Since the fee was increased by more than 10 percent in July 2019, their prices have increased rapidly.