Investor sentiment over gold has dampened hopes of vaccines coming soon to prevent the corona epidemic. Because of this, gold has seen a big fall in recent times. The global market recorded the biggest drop in gold prices on Monday in four years.
The US gold futures market fell 0.7 per cent on Monday to $ 1775.11 a barrel. Gold prices fell 6 percent this month. This is the biggest monthly drop since November 2016. In international markets, silver prices fell by 2.2 per cent to $ 22.19 per tonne. Similarly, platinum also fell 0.7 per cent to 7 957.04.
Gold is 8000 and silver is 17 thousand rupees cheaper
On Friday, gold fell 0.85 per cent at MCX to close at Rs 48,106 per 10 grams. On August 7, gold hit an all-time high of Rs 56,254. In this way, gold in the Indian market is as cheap as eight thousand rupees per ten grams. Similarly, on August 7, silver reached its highest level. Silver was trading at Rs 76,008 per kg at the time but on Friday it was priced at Rs 59100. The price of silver during this period was around Rs.
Bank Holiday December 2020: Holidays at banks will be closed for three days at Christmas, but here
What’s coming in yellow metal
Positive news on the vaccine front to fight coronary epidemic is causing gold prices to fall. Bullion market experts say investors are turning to stocks rather than gold as the global economy improves and tensions between the US and China ease. This has led to a huge rise in gold prices in the coming days.
The trend is up again in the stock market
In times of crisis, gold is always an investor’s first choice. Because of this, there has been a sharp rise in gold prices during the corona crisis, but investors are once again facing stocks due to vaccine news. Investor trends have also returned to the stock market with news of the global economy’s recovery.
Great choice for the long term
Anuj Gupta, vice president of commodity and currency at Angel Broking, said: In the next one year, the gold will again cost Rs 60000 per 10 grams.
Gold lost its shine and silver, and in a week the price fell
.