Gold and silver slipped in futures market
On Wednesday, gold prices fell by Rs 137 to Rs 53,030 per 10 grams in Delhi Bullion Market. HDFC Securities gave information about this. It closed at Rs 53,167 per 10 grams on Tuesday. The strength of the rupee in the foreign currency exchange market led to a decline in gold. On Wednesday, the rupee strengthened 12 paise to 73.52 against the dollar. Silver also declined by Rs 517 to Rs 70,553 per kg. On Tuesday, the price of silver was Rs 71,070 per kg. In the international market, however, gold was trading at $ 1,967.7 an ounce. Silver was steady at $ 27.40 an ounce.
Gold futures up on spot demand
Meanwhile, gold in the futures market rose by Rs 153 to Rs 51,922 per 10 grams in the futures market on Wednesday as speculators made new deals amid pick up in demand in the spot. On the Multi Commodity Exchange, gold for October delivery rose by Rs 153 or 0.30 per cent to Rs 51,922 per 10 grams. It traded for 10,814 lots. Analysts said that new futures of speculators led to rise in gold futures. Meanwhile, gold rose 0.49 percent to $ 1,975.90 an ounce in New York.
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 prices are expected to remain low even during the festive season, as the prices have increased significantly.
Gold became a boon during the Corona era
Gold is a useful asset in deep crisis, in the current difficult global conditions this assumption is once again being proved right. 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.