Last week (15 to 19 February), the bullion market saw a sharp decline in gold prices, while silver managed to make a slight increase. Meanwhile, in the last five days, the spot price of 24 carat gold in bullion markets became cheaper by around Rs 1285 per 10 grams, while silver rose by just Rs 37 per kg.
In February, the gold rate has fallen by Rs 3292 as compared to January. Whereas, silver has become cheaper by Rs 1312 during the same period. If compared to the all-time high rate of gold, gold is still cheaper by Rs 10153 per 10 grams. On the other hand, Chadi has become cheaper by Rs 7594 per kg from its previous price.
Such was the movement of gold and silver between 15 and 19 February
|Date and day||Morning Rate of Gold (Rs / 10g)||Evening Rate of Gold (Rs / 10g)||Morning Rate of Silver (Rs / kg)||Evening Rate of Silver (Rs / kg)|
|19 February 2021 (Friday)||46168||46101||67764||68414|
|18 February 2021 (Thursday)||46447||46439||68909||68700|
|17 February 2021 (Wednesday)||46739||46644||68847||68428|
|16 February 2021 (Tuesday)||47359||47407||69819||69804|
|15 February 2021 (Monday)||47332||47281||69426||69514|
|12 February 2021 (Friday)||47528||47386||68405||68377|
|29 Jan 2021 Friday||49074||49393||68337||69726|
|7 August 2020||56254||56126||76008||75013|
Indian Bullion ASO. According to the data given on the website of CIL, on 29 January 2021, silver was sold at the rate of Rs 69726 per kg. On 19 February 2021, it came to Rs 68414. As far as gold is concerned, 24 carat gold closed at Rs 49,393 per 10 gram on 29 January, while on 19 February it came down to Rs 46101.
Variation in precious metals in futures market
Due to mixed signals from the global level, gold has softened in the domestic futures market, whereas silver has registered a rise. In the international market, gold spot fell 0.20 percent to $ 1772 an ounce and US gold futures fell 0.21 percent to $ 1769.70 an ounce. During this period, the silver spot rose 0.03 per cent to $ 27.02 an ounce. In the domestic futures market MCX, gold fell 0.15 per cent to Rs 46058 per 10 grams and gold Mini 0.19 per cent to Rs 45960 per 10 grams. During this period, silver rose by 0.33 per cent to Rs 68,723 per kg and silver Mini rose by 0.21 per cent to Rs 68641 per kg.
Fall due to
Ajay Kedia, director and head of research at Kedia Capital, says the uncertainty in the equity market has eased a bit and the decline has been more due to increased margins, but the decline is temporary. There will be a boom in the long term. On his claim to return to gold again, Kedia says that the global market has a lower interest rate, ETFs are still buying, valuations are high in the equity market and any correction will accelerate gold. If you want to invest in gold, then now investors should buy from 46000 to 46500. Its price can go above 50000 per 10 grams in a couple of months.
Gold was costlier by 28 percent in 2020
The year 2020 proved to be very spectacular for gold. The price of gold had increased by about 30 percent. In the global market, gold was also costlier by around 25 percent. Earlier in 2019 also, the rate of increase in the price of gold was in double digit. The reason for the sharp rise in gold prices in 2020 was the Corona virus, due to which people were looking for a safe place to invest.
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Investing in gold has always been considered safe. Let us know that the spot price of gold opened at 56254 on August 7, 2020 in bullion markets across the country. It was an all-time high. After this, it closed at a level of Rs 56126 per 10 grams after a slight decline in the evening. As far as silver is concerned, on this day it opened at a rate of Rs 76008 per kg and closed at Rs 75013. The price of silver on MCX jumped to a record Rs 73,600 per kg on 25 April 2011, while the silver price in the spot market reached Rs 77,000 per kg in 2011. Gold price on March 16, 2020 was Rs 38,400 per 10 grams.