How much gold fell in the futures market
Gold fell 0.28 per cent to Rs 49,520 per 10 grams on Monday. At the MCX, the delivery contract for delivery in October fell by Rs 98, or 0.28 per cent, to Rs 49,520 per 10 grams. It traded for 2,370 lots. The contract for delivery in December for gold declined by Rs 131, or 0.26 per cent, to Rs 49,519 per 10 grams. It traded for 14,348 lots. In New York, gold fell 0.38 percent to $ 1,859.30 an ounce.
Strong decline in silver
In the futures market, silver fell by Rs 789 to Rs 58,238 per kg on Monday as traders reduced the size of their deals amid weak demand. On the Multi Commodity Exchange, silver fell by Rs 789, or 1.34 per cent, to Rs 58,238 per kg for delivery in the month of December. It traded for 15,826 lots. Silver was down 1.62 percent at $ 22.72 an ounce in New York.
Continuous discount on gold for 6 weeks!
Gold dealers are trying to generate demand in the market by giving customers a strong discount on gold. Continuing to give discounts on gold to customers continuously for 6 weeks. Last week a discount of up to $ 5 per ounce, which is about 130 rupees per 10 grams. Before that the discount was $ 23 an ounce. Going a little further, a discount of $ 30 an ounce was being given last week, which has been even $ 40 an ounce.
Gold became cheaper by Rs 6800!
Last month, on August 7, gold touched an all-time high in the futures market and the price per 10 grams rose to Rs 56,200. At the same time, till Friday last week, gold also touched a minimum level of Rs 49,380 per 10 grams. That is, since then gold prices have fallen by about Rs 6,820. However, gold recovered somewhat on Friday.
Golden opportunity to buy gold
Although this is a good time to buy gold, but despite giving huge discounts due to low demand in bullion market, people are not getting attracted to gold as before. Navneet Damani, vice president, commodity research, Motilal Oswal Financial Services, said that in recent times, gold has fallen from a high of Rs 57,000 to a range of Rs 50,000, while silver has improved from a high of Rs 78,000 to a range of Rs 60,000. He said that these fluctuations may continue in the coming times.
This time there will be less demand in festive season
Generally, the demand for gold increases considerably during October – November. The reason for this is the arrival of the festive season. Gold always shines close to Diwali, but due to Corona this time people are facing financial crisis, which has a direct impact on the demand for gold. A Mumbai gold dealer says that this time the demand is expected to be less even during the festive season, as prices have gone up significantly.
Gold became a boon during the Corona era
Gold is an asset to be used in deep crisis, this assumption is once again being proved right in the current difficult global conditions. Between the Kovid-19 epidemic and the geopolitical crisis, gold is again setting a record and has proved to be a better investment option for investors than other assets. Analysts believe that gold will remain high for at least one-and-a-half years amid fluctuations. Vimal Goyal, president of Delhi Bullion and Jewelers Welfare Association, believes that gold will remain at a high level for at least a year. He says that gold is a ‘boon’ for investors at this time of crisis. Goyal believes that around Diwali, gold may rise by 10 to 15 percent.
The glow of gold has always increased in times of trouble!
Gold has always shone brightly in times of trouble. In 1979, many wars took place and gold had jumped about 120 percent that year. Most recently, in 2014, even though the threat of America was looming over Syria, the price of gold had started touching the sky. However, it later reverted to its old standard. Gold prices rose even when US tensions with Iran increased or when there was a Sino-US trade war.
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Gold became cheaper by Rs 6800, strong discounts are being received continuously for 6 weeks!