Gold Price: The first 8 days of the new year saw a lot of fluctuations in the spot price of gold and silver. 24-carat gold rose by Rs 219 in bullion markets as compared to the closing price of 31 December 2020, although the price of gold has decreased by Rs 1239 per 10 grams in the last two days. However, gold is still cheaper by Rs 5833 at its highest price. Similarly, silver is cheaper by Rs 8634 from its previous year’s high price. However, a slight decrease of Rs 9 has been recorded so far this year.
Explain that the spot price of 24-carat gold in the bullion markets on Friday became cheaper by Rs 274 per 10 grams and opened at Rs 50775 and closed at Rs 50421 after breaking 628 rupees. Whereas, silver became cheaper by Rs 127 to open at Rs 68465 per kg and closed at Rs 67374 with a steep fall of Rs 1218. If experts are to be believed, investment in gold and silver can be profitable this year. Gold can reach 63000 and silver 85000.
Such was the movement of gold and silver in the last 8 days
|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)|
|08 Jan 2021 (Friday)||50775||50421||68465||67374|
|07 Jan 2021 (Thursday)||51011||51049||68698||68592|
|06 Jan 2021 (Wednesday)||51532||51660||69231||70228|
|05 Jan 2021 (Tuesday)||51367||51652||69012||69506|
|04 Jan 2021 (Monday)||50925||51192||68400||69002|
|01 Jan 2021 (Friday)||50245||50298||67000||66963|
Gold returns 27.7 percent
This time in the last 10 years, Gold gave 27.7 percent returns. Earlier, in 2011, gold gave a return of about 31 percent to investors. At the same time, the price of gold rose more than 23 percent in the international market. During this time, silver investors cut a lot of silver. Silver sold more than Rs 76000 per kg in the bullion market.
Why gold prices will increase
The dollar may be weakened due to fresh incentives and this may cause gold prices to rise again.
Gold will remain attractive to investors due to inflationary pressures due to large-scale incentives.
Gold demand from India and China will be significant in 2021, which has been weak for the last few years and may once again pick up.
The price of gold on Comax can be between $ 2,150-2,390 an ounce, while gold on MCX can be between Rs 57,000-63,000.
Covid-19 vaccine in 2021, low interest rate, equity market boom and buying in ETFs will add gold-silver luster.
Investors have no other option in terms of investment. This will see the rise in the prices of gold and silver.