New Delhi: Work is accelerating toward the arrival of the corona vaccine. This news boosted the stock market, which has led to a sharp fall in gold and silver prices. The price of 10 grams of gold fell below the level of Rs. 50,000. On Tuesday, gold prices fell by Rs 916 in bullion markets across the country. Where gold price opened at Rs 49,388 today. Silver, on the other hand, traded lower by Rs 1,374 to Rs 60,112.
The last 2 days have seen a fall of Rs. 1200 in gold prices. Speaking of MCX, gold for delivery in December slipped 0.9 percent to Rs 49,051 per 10 grams, while silver for December delivery fell by Rs 550, or 0.09 percent, to Rs 59,980 per kg.
Futures traded on Monday:
Earlier, speculators bought fresh deals due to strong spot demand, which pushed gold up by Rs 45 to Rs 50,257 per 10 grams in futures trading on Monday. On the Multi Commodity Exchange, gold for delivery in December rose by Rs 45, or 0.09 percent, to Rs 50,257 per 10 grams. It traded for 5,544 lots. Market analysts had said that the recent rise in gold prices was due to fresh buying by traders. Internationally, gold in New York rose 0.03 percent to 8 1,878.80 an ounce yesterday.
Improvement in Gold Demand:
According to financial services and market research, the demand for gold will improve in the fourth quarter of this calendar year in view of the central bank’s policy of keeping interest rates low and the traditional buying season in India. In a recent report, the firm said gold is a good investment option in the long run. According to a report released by the firm, gold in India has returned 159 percent in the last decade, while the domestic stock index Nifty has returned 93 percent during this period.
Price of gold up to Rs. 65-67 thousand per ten grams: The report states that the price of gold can go up to Rs. 65-67 thousand per ten grams in the long run. Gold demand is likely to pick up in the fourth quarter after falling 30 percent in the third quarter, as jewelry purchases will pick up during this time.
