With the corona wave sweeping across India today, if you look at the crowds that still flock to jewelry stores today, no matter how many more corona-like infections come, the attraction to gold alone will not diminish.
There is a crowd of people in the shops, wearing masks to such an extent. Even today, the price of gold in the international market and the Indian commodity market is declining. But at the same time the price of jewelry gold continues to rise.
Depending on the price of the international market, the price of jewelry gold will be. But despite the decline there, has the price increased here? what is the reason? What is the current price situation of gold and silver? Let’s see what the key factors are.
The price of gold in the international market
The price of gold in the international market is slightly lower today than it was yesterday. It is currently down $ 6.30 an ounce to $ 1785.50. However, the price of gold has started slightly higher today than the closing price of the previous session. So even though it is slightly lower now, it is likely to increase later. This is expected to be due to short-term traders booking their profits profitably.
Silver prices in the international market
Like the price of gold, the price of silver is slightly lower. Currently the price of an ounce of silver is down 0.16% to $ 26,920. The price of silver is slightly higher today than it was at the end of the previous session. So the current decline is seen as increasing again.
Gold prices in the Indian market
Echoing the international market, the price of gold in the Indian market is slightly lower today. It is currently trading at Rs 47,126, down Rs 193 per 10 grams. Also, the end of the previous session started slightly lower today than the price. Although the medium term is slightly lower, it is expected to increase in the long run.
Silver price in Indian market
The price of silver in the Indian market remains largely unchanged as in the international market. With the May contract due to expire tomorrow, you can trade on the July contract. The July contract is currently trading at Rs 70,720, down Rs 180 per kilo. This too started slightly lower today than the closing price of the previous session. So the price of silver is seen to be slightly lower in the medium term. However it is seen as a good opportunity to buy in the long run.
Jewelery gold prices in Chennai
The price of gold jewelery has gone up in Chennai even today. Today it is being sold at Rs. Gold prices have been rising for the past two days, rising again after nine days.
Prices of pure gold
In Chennai, the price of pure (24 carat) gold rose by 33 rupees to 4,857 rupees per gram and by 264 rupees to 38,856 rupees per gram. After nine consecutive days of decline, it is now beginning to rise again.
Jewelry silver price
Silver rose by Rs 1.80 to Rs 75.30 per gram today. The same kilo is selling today at Rs 75,300, an increase of Rs 1,800. It has been on the rise for two days in a row.
Experts have forecast gold at Rs 46,900 as the next major support level and Rs 47,800 as the key resistance level in the event of a bullish trend. Experts also estimate that the dollar could soon touch this level if the dollar weakens.
Chances are high that prices will increase
Countries like the United States have kept interest rates even lower. Thus the price of gold is expected to rise. Even more encouraging is the fact that the stock market is volatile. So this too can turn investors towards gold. Experts say the price of gold is likely to rise slightly.
What can you do today?
Gold can be bought in the long run, even if it is currently low. In addition, many factors are in favor of gold. So in the long run it is seen as the perfect place to buy. Although the price of silver is currently declining, it is likely to rise again.