Futures rise due to spot demand
Gold prices rose by Rs 323 to Rs 52,010 per 10 grams in the futures market on Tuesday, as speculators made new deals due to pick up in demand in the spot. Gold contracts for October delivery rose by Rs 323, or 0.62 per cent, to Rs 52,010 per 10 grams at the Multi Commodity Exchange. It traded for 11,397 lots. Analysts said gold prices rose due to fresh deals from participants. Meanwhile, gold rose 0.43 percent to $ 1,972.20 an ounce in New York.
Gold in Delhi bullion market shines by Rs 422
Gold fell by Rs 422 to Rs 53,019 per ten grams in the Delhi Bullion Market on Tuesday amid rupee depreciation and positive global trend. HDFC Securities gave this information. Gold had closed at Rs 52,597 per ten gram in the previous trading session. HDFC Securities Senior Analyst (Commodities) Tapan Patel said 24-carat gold in Delhi rose by Rs 422. The weak trend in the rupee and the rapid rise in international markets also strengthened the sentiment in gold.
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 has said 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 an asset 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 the 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 can rise by 10 to 15 percent.