In the domestic futures market, there has been a continuous phase of gold and silver price slips for the past 6 days. Due to which gold has broken up to Rs 7000 in 50 days. While the price of silver has fallen by more than 23 thousand rupees. At the same time, there is tremendous pressure in the price of gold and silver in foreign markets.
This is the same period of days before the lockdown started when investors started withdrawing their money from the futures market. According to experts, the news of the lockdown being repeated has created panic among investors. The expiry of the domestic futures market is near. In such a situation, looking at the next Deepavali expiry, investors are making huge profits.
- Gold and silver have come down to 9-week low
- Expiry is getting profitable due to coming closer
- Gold is trading at the level of 49000 and silver 56000
- Gold dipped by 7000 in 50 days, Silver fell by 23 thousand rupees
Gold breaks down drastically in domestic market
First thing is to talk about gold in the domestic futures market, then there is a tremendous decline in the price of gold for the past 6 days. Gold touched an all-time high on August 7, since then gold has broken up to Rs 7000 in 50 days. According to the data from the futures market, on July 21, the last time gold was seen at such a low level, at that time, gold went to a low of Rs 49159 per 10 grams. Whereas today gold has gone down by Rs 49248 per ten grams. Today, gold opened at Rs 49400 per ten gram during a trading level, Subi is trading at Rs 49264 per ten gram, falling by Rs 244 at 10.30 am. On August 7, gold reached an all-time high of Rs 56191.
Silver became cheaper by 24 thousand rupees
During this time, silver has been the biggest loser. In the last 50 days, the price of silver has been broken by more than 24 thousand rupees per ten grams. On August 7, it reached its all-time high of Rs 79723 per kg. While today silver has reached a low of Rs 56060 per kg. Prices have been reduced by about 24 thousand rupees. The level of 56 thousand rupees is the lowest in nearly 9 weeks. On 21 July, silver was at the all-time low of Rs 53,451 per kg. During that time, there was a tremendous rise in the price of gold. The special thing is that from 16 September till date, the price of gold has fallen by more than 13 thousand rupees.
Gold falls in foreign markets
At the same time, when talking about foreign markets, both gold and silver are witnessing a decline. First, if we talk about gold, at 10.45 am Indian time, gold on Comex is down by $ 14 and is trading at $ 1854 an ons. In the European market, the price of gold is seeing a drop of 8.39 euros per ons. Whereas gold is trading down 5 per cent in the British markets. At the same time, the price of silver is seen trading in Comex market with a decline of about 5 percent, due to which the price has come down to $ 21.97 an ons. Whereas in Europe and British markets, the price of silver is falling by 3%.
What do experts say?
Anuj Gupta, deputy vice president (commodity and research), agency broking, says that the way reports of lockdown are coming back in Europe and elsewhere, due to which investors are being booked profit It is also being seen on the Indian market. Anuj Gupta said that this is the same period when Corona started and there was talk of a lockdown. At that time also, gold and silver reached their low. Apart from this, the expiry of gold in the domestic market is October 5. And Deepawali will come in the middle of the next expiry. Despite this, profit booking is being done by investors.
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