Gold fell by Rs 480 to Rs 47,702 per 10 grams in the Delhi bullion market on Tuesday due to the global decline. HDFC Securities gave information about this. Earlier on Monday, Gold Rate was at Rs 48,182 per 10 grams. Silver also fell by Rs. 3,097 to Rs. 70,122 per kg. Silver was at Rs 73,219 per kg on Monday. In the international market, gold fell to $ 1,847 an ounce. Silver too was trading at $ 27.50 an ounce.
Futures prices also fall
Due to weak spot demand, traders cut their deals, leading to a loss of 1.18 per cent to Rs 48,146 per 10 grams in futures trade on Tuesday. On the Multi Commodity Exchange, gold futures delivered in April lost Rs 574, or 1.18 per cent, to Rs 48,146 per 10 grams. It traded for 12,815 lots. Gold was trading at $ 1,848.30 an ounce in the international market, New York.
Fall in silver futures
Due to weak demand, traders reduced the size of their deals, causing the silver futures to fall by Rs 3,076 to Rs 70,590 per kg in the futures market on Tuesday. At the Multi Commodity Exchange, silver for delivery in March declined by Rs 3,076, or 4.18 per cent, to Rs 70,590 per kg, with a business turnover of 13,880 lots. Globally, silver was down 6.01 percent at $ 27.65 an ounce in New York.
Gold becomes costlier by 28 percent in 2020
The last year has proved to be very excellent for gold (Gold Price in 2020). Last year, the price of gold rose by about 28 percent. In the month of August, gold and silver had created a new record and touched its all-time high. It is not that the price of gold has increased only in India. In the global market, gold became expensive by about 23 percent. Earlier in 2019 also, the rate of increase in the price of gold was in double digit.
What is the situation at the international level
Gold prices in India are influenced by global trends. Increased outbreaks of the virus have made it difficult for global economic recovery. In addition, low interest rates worldwide and weakness in the US dollar can be positive for Gold Rate. Right now the gold spot is around $ 1900 an ounce. This year it can go up to $ 1980 and then $ 2050.
Gold against shares and real estate
Gold has given significantly higher returns than real estate. Real estate prices have come to a standstill for some time. The Home Price Index rose 1.1 per cent in the second quarter of 2020-21 as compared to 2.8 per cent in the previous quarter and 3.3 per cent in the same quarter last year. In 2020, Gold gave the best return among all asset classes. It gave good returns from stocks and real estate. Last year, the BSE Sensex gave a return of 15.75 per cent.
Will gold increase in 2021 too
Major central banks across the world have reduced this interest rate to almost zero and it will remain at the same level for at least another year. Also, to provide liquidity in the market, central banks are showing aggressive attitude. All these will have an impact on the economy and this will increase the prices of gold. Liquidity push will increase gold prices worldwide.
Also Read: SHARE MARKET
