For the last several days, the period of decline in gold and silver has been continuously seen. On Tuesday, gold for February delivery fell by Rs 21 to Rs 49320 per 10 grams on MCX. Yesterday also there was no increase in the prices of metals. It was trading at Rs 49303, down 38 rupees 0.08 per cent at 10 am today. The morning touched a low of Rs 49282 and a high of Rs 49375. Gold for April delivery was also down by Rs 38 to trade at Rs 49285.
Bullion market trend
According to HDFC Securities, gold rose by Rs 389 to close at Rs 48,866 per 10 grams in the Delhi Bullion Market on Monday. In the previous trading session, gold had closed at Rs 48,477 per 10 grams. Silver also rose by Rs 1,137 to close at Rs 64,726 per kg during the same period, from Rs 63,589 per kg in the previous financial year. The rupee saw a fall of 24 paise against the US dollar on Monday in early trade and the value fell to 73.48 per dollar.
Gold became costlier by 28 percent in the last year
The year 2020 has proved to be very spectacular for gold. So far this year, the price of gold has increased by about 28 percent. In the month of August, gold and silver set a new record and reached their all-time high. Not only in India, the price of gold has increased, but in the international market this year, gold has become expensive by about 23 percent. In the year 2019 also, the rate of increase in gold price was in double digit, this time also the increase in gold price is in double number.
Gold is setting a record once again between the Corona epidemic and the geopolitical crisis and has also been a better investment option for investors than other assets. According to analysts, gold will remain high for at least one-and-a-half years amid fluctuations. According to Vimal Goyal, president of the Delhi Bullion and Jewelers Welfare Association, gold will remain at a high level for at least a year.