There has been a steady decline in gold prices in bullion markets. These are good signs for a wedding for Tuvie starting in April. This is a golden opportunity for those who want to buy gold and silver in wedding homes. At the same time, it is also a good time to invest, as gold is cheaper from its all-time high of 56254 to around 10,500 rupees. In bullion markets, gold was trading at Rs. 1603 and silver at Rs. 4099 in the last 6 trading sessions. On Thursday, March 4, the price of 24 carat gold in the bullion markets came to Rs 44843 and it could drop to 42500 in the following days.
Gold price is the latest: Gold is cheaper, 24 carat gold is below 45000 rupees, silver is breaking at Rs 1793
Gold rose to Rs 3000 in February
February saw the biggest drop in gold prices. While bullion markets saw gold fall by Rs 3000, gold was trading at its highest price of Rs 11500. In a conversation with Live Hindustan, Kedia explains five key reasons for the crash. Explaining the first reason, we say that a 2.5 per cent reduction in import tariffs has a direct impact on the gold and silver market. Another reason is the dollar index. When it was declining, the gold rate was rising. Now it’s managed. The dollar index is now at 91. The effect is on the gold price.
The Dollar, Bitcoin and Equity Gold Band played
A third reason is that bond yields have increased in the US. It has now reached 1.4 per cent. When bond yields increase it is negative for gold. People’s concerns about the corona virus are now decreasing, leading to a decline in gold prices. The fourth major reason is the return on the ETF, and the fifth is that, instead of gold, which is considered safe for investment, people have put money in some risky places like Bitcoin and Equity. Investor sentiment has increased in both Bitcoin and Equity. The ratio of gold and silver is low. Gold demand has increased in China, Singapore and Hong Kong and the drop in prices has driven up purchases in the domestic market. At the same time, silver may be between 63000 and 71000.