New Delhi: During the lockdown amid the Corona crisis, there was a slowdown in every sector. During this time, gold and silver prices were touching the sky every day. Gold and silver prices touched their all-time high in August 2020 after the lockdown was relaxed. After this, when the situation improved, investors started moving to other options. Now, with the arrival of the Coronavirus Vaccine and the commencement of the vaccination campaign, the prices of both precious metals are starting to rise. Since August 2020, the prices of gold have fallen by more than Rs 10,000 per 10 grams. At the same time, silver has also fallen by about Rs 10,000 per kg from its highest.
Gold touched an all-time high of Rs 56,200 per 10 grams in August 2020 amid Corona crisis. At the same time, silver reached the top level of Rs 77,840 per kg during this period. The price of gold in Delhi Sarafa Bazar reached Rs 46,390 per 10 grams on 13 February 2021. At the same time, silver fell to Rs 67,894 per kg. Gold has been making big jumps continuously for the last few years. Put simply, the price of gold has decreased by Rs 9,810 per 10 grams and silver by Rs 9,946 per kg since August 2020. Gold increased by 28 percent last year. At the same time, double-digit increase was also recorded in 2019.
Gold and silver trade with dollar index
The price of gold declined by Rs 457 to Rs 46,390 per 10 grams on 13 February 2021. At the same time, silver was down by Rs 347 to Rs 67,894 per kg. In the previous trading session, silver was at Rs 68,241 per kg on Multi Commodity Exchange, while gold was down by Rs 661 to close at Rs 46,847 per 10 grams. In the international market, gold was flat at $ 1,815 an ounce and silver was flat at $ 26.96 an ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said that gold prices trade as the dollar index weakens.
Announcement of reduction in import duty raises an uproar
Finance Minister Nirmala Sitharaman had announced a huge cut in the import duty on gold and silver in the budget presented for the financial year 2021-22. There is a 5 percent reduction in import duty on gold and silver. At present, 12.5 percent import duty has to be paid on gold and silver. Only a 7.5 percent import duty will have to be paid after deducting 5 percent. Since this announcement, there has been a steady rise in the prices of gold and silver. Let us know that on 1 February 2021, gold had fallen by Rs 1324 and it had reached Rs 47,520 per 10 grams. However, silver saw a rise of about Rs. 461 and reached Rs. 72,470 per kg.
Investment at the current level can generate strong profits
If the increase in gold on the lines of previous years also this year, then it can cross the level of Rs 60,000 per 10 grams. Experts say that if the estimate is correct, then the investment in gold at current prices can give a big benefit to the people. Experts say that due to the uncertain economic environment due to the Corona crisis in 2020, people invested heavily on gold as the safest investment option and its prices have gone up. However, due to the arrival of the Corona vaccine and a spurt in economic activity, gold prices are registering a decrease.
