On the first day of the week i.e. on Monday, there is a sharp trend in gold prices. But there is a decline in the price of silver. Know what has happened to the gold and silver rate ..
Gold Price in Delhi today
Gold price in India today [today]
[gold-price city=delhi]
Indian Major Cities Gold Rates Today
[gold-price]
Gold price in India chart
[gold-price view=graph]
Gold on the first day of the week (Gold) closed flat at Rs. 47353 in the previous session but it gained momentum as the day went up. Gold for June delivery was trading up by Rs 222 to trade at Rs 47575 per 10 gram in the morning at 10:30 am. In the morning session it touched a minimum of Rs 47344 and a maximum of Rs 47575. Gold for August delivery was trading at Rs 47815, up by Rs 224. However, there is a decline in silver. Silver for May delivery was trading down by Rs 261 to trade at Rs 68104.
How much gold can increase
Anuj Gupta, Vice President, Commodities and Currency Trade at IIFL Securities, said that the price of gold is in the range of 1740 to $ 1745 an ounce but there is a sharp trend in gold. In the international market, it can go from 1800 to 1820 dollars per ounce. Talking about the domestic market, on MCX it can go up to Rs 48,000 per 10 grams in the next two months. He added that the weakening of the rupee against the dollar, the fall in US bond yields and rising unemployment in the US have supported the gold boom. Also, in the case of Kovid-19, investors are increasingly nervous and are looking at gold as a better investment option.
Better investment option
Amit Sajeja, vice president of research at Motilal Oswal, said that the yields of small savings schemes have gone below the rate of inflation. Inflation has gone above 6 per cent, while small savings schemes are getting 5.5 per cent interest. In such a situation, investors of small savings schemes are looking at gold as a better option and the increasing consumption of gold in the country is a proof of this. He said that there has been a huge jump in the import of gold in the last 5 months and in the coming days, due to the wedding season, the demand will increase further. Therefore, the price of gold will increase in the next quarter.
Prudence to buy gold
Sajeja said that the reduction in import duty on gold also led to a rise in prices. He said that gold on MCX can go up to Rs 47,500 per 10 grams in 10 days from next one week. Gold can go up to Rs 49,000 in the next 3 months. So it makes sense to buy gold right now.
