Gold Investment: Last year in August 2020, the price of gold had reached a record high, but since then it has continued to decline. However, due to weak dollar and rising demand for some time now, the prices of non-agri commodities are increasing rapidly. Apart from this, there is increasing concern about the Delta variant of Corona once again around the world. In such a situation, once again the attraction for investing in gold is increasing. Experts believe that this is a better time to invest in gold because at this time gold is at a discount of about 9500-10000 thousand rupees from its record price. Experts believe that by the end of 2021 this year, the price of gold can reach the level of 52 thousand. On the other hand, if we talk about one and a half months, then the price of gold can touch the level of 50 thousand again.
On MCX (Multi Commodity Exchange), the gold price of 5 August expiry is up by Rs 47908 and 3 December 2021 expiry gold price is at Rs 48084. Today’s spot price of gold (22 carat) in Delhi is Rs 47140 per ten grams. Gold prices have strengthened on Comex and its price has reached $ 1814 an ounce with gains. Comex is the world’s largest market for futures and options trading in metals.
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Gold demand increased in June 2021 quarter
- The World Gold Council released a report a few days ago. According to this report, the demand for gold in the second quarter (April-June 2021) of this year increased by 19.2 percent year-on-year to 76.1 million tonnes.
- However, due to the second wave of Corona epidemic on a quarterly basis, the demand for gold declined by 46 percent in the June quarter. Due to Corona, the demand for gold was affected due to lockdown/restrictions in many parts of the country.
- Gold demand in the January-June 2021 half was 157.6 tonnes, which is 46 per cent lower than the first half of 2019 and 39 per cent lower than the average demand in the first half of 2015-2019.
- In the second quarter, the demand for gold jewelery increased on a year-on-year basis. Its demand increased by 25 per cent to 55.1 tonnes, while investment increased by only 6 per cent and in April-June 2021, 21 tonnes of gold was invested.
- In the June 2021 quarter, 19.7 tonnes of gold was recycled, which was 43 percent higher than the same quarter last year.
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This is the opinion of experts about investing in gold
- According to Anuj Gupta, Vice President (Commodities and Research), brokerage and research firm IIFL Securities, there is a slowdown in the US economy, due to which the attraction for gold is increasing. Apart from this, the physical demand for gold is going to increase in the next few months due to festivals and weddings. Due to this, its prices will go up. In such a situation, Anuj Gupta estimates that in the next one to one and a half months, its prices can cross the level of 50 thousand and by December its prices can touch the level of 52 thousand. In such a situation, this is a better time to invest in gold.
- The US Fed is in no hurry to change its bond buying schedule and due to the delta variant, there is once again panic about investment in the market around the world. In such a situation, investor confidence in gold is getting stronger. According to Tapan Patel, Senior Analyst (Commodities) HDFC Securities, gold may face resistance at $ 1860 an ounce on Comex in the coming weeks, while it will find support at $ 1790. According to Patel, gold October price on MCX may have to face resistance at Rs 48600 per 10 grams and support will be available at Rs 47700 per 10 grams.
(Note: This article is for information only. Before taking any investment related decision, please consult your advisor.)