There is bad news that investors are investing in gold. Gold prices are down this month in both domestic and global markets. According to Kotak Securities, gold prices fell nearly three percent in the global market, the worst performance since 2011. At the same time, gold and silver prices in the futures market fell for the fifth consecutive day on Thursday. In August 2020, the price of gold rose from a high of 56,200 per ten grams to nearly Rs 7,500.
Gold prospects in the MCX fell 0.33 per cent to Rs 48,702 per 10 grams. At the same time, silver fell by one per cent to Rs 65,866 per kg. The US dollar strengthened Thursday in global markets, triggering a fall in gold prices. Gold fell 0.3 per cent to 8,839.21. The dollar index rose 0.12% to 90.745. Notably, the US Federal Reserve has kept interest rates close to zero and has handled monthly bond purchases. Other precious metals were also under pressure. Silver fell 0.2 per cent to $ 25.18, while platinum fell 0.2 per cent to 1,063.76.
The gold ETF also eased the trend
Gold ETFs depend on the price of gold. Gold price decreases with the increase in price. SPDR Gold Trust’s holdings in the world’s largest gold backed exchange-traded fund or gold ETF fell 0.3 per cent to 1,169.17 tonnes on Wednesday. The flow of ETFs reflects investor interest in gold.
There is a 25 per cent increase in 2020.
Fiscal measures by central banks and governments around the world to reduce the effects of coronavirus have increased the gold price by 25 per cent last year, but silver has risen by 50 per cent. Gold is considered to protect against inflation and currency depreciation.
Gold at Rs 109 and silver at Rs 146
At the Delhi bullion market, gold fell by Rs 10 to Rs 48,183 per 10 grams. Gold was trading at Rs 48,292 per 10 grams in the previous trade. Silver also fell by Rs 146 to Rs 65,031 per kg. The previous closing price was Rs 65,177 per kg. Experts say gold has fallen in the global market due to a strong dollar. It has also affected the domestic market.
India’s gold demand fell 35 percent
The country’s gold demand fell by more than 35 per cent to 446.4 tonnes in the year 2020. This information is provided in the World Gold Council (WGC) report. On the WGC’s 2020 gold demand, the report noted that gold demand fell due to the lockdown and price of precious metals being hit at an all-time high due to the corona virus. According to WGC figures, gold demand fell by 14 per cent last year to Rs 1,88,280 crore. Demand for gold in 2019 is estimated at Rs 2,17,770 crore.
Gold Price Latest: Learn how gold and silver are sold today, see the latest price 16 to 24 carats
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