New Delhi On Tuesday, gold and silver have continued to boom. Although this week, investors predict that the gold boom will break, while silver can give more good returns at the moment. It is also estimated by experts that the price of silver can reach 75 thousand by Diwali. Currently, silver has given double returns in four months.
Silver gave the best return
Investors in silver have made strong profits. On March 18, 2020, the price of silver on MCX was 33,580 which has increased to 67,560 today. Between the Corona epidemic and the geo-political tension, there is a strong boom in the prices of gold and silver (chandi ka bhav).
Ajay Kedia, MD, Kedia Commodities said that silver prices may continue to rise in the coming times. He said, “Silver seems to be the best place for investors due to geo-political tension.” He said that the price of silver can go up to 75 thousand by Diwali.
Dollar price down
Anuj Gupta, DVP of Angel Commodity said that in the coming time, the price of gold may increase further. He said that the dollar has weakened due to the ongoing tension between the US and China. In addition, US bond yields are at a low level and that is why the demand for bullion has increased.
This is the spot price in Delhi
Today, the rate of 24 carat gold has created another history amid the continuing rise in the prices of gold and silver. The price of gold has now reached close to 53000. Silver has also crossed Rs 65000 per kg. Today, the spot price of 24 carat gold opened at Rs 156 per 10 gram on Monday in Delhi Sarafa Bazar. At the same time, silver flight continues. Silver spot opened up by Rs 797 to Rs 65302 per kg.
Why gold and silver prices are increasing
Increasing tensions in the global economy over China: Relations with China have deteriorated worldwide after the Corona crisis. Tensions have increased between China and the US on many fronts, including trade. A new Cold War has started in the US and China due to the Corona virus and China imposing a strict new security law for Hong Kong.
Real estate is also battered. This round seems to be the safest gold for investors. Investors have moved towards gold, gold ETFs and bonds. This is the reason why gold rates are increasing.
This is the situation in the global market
In the global market, gold has gone above $ 1981 an ounce and is quite close to $ 2000 an ounce. In the Corona crisis, there is a tendency of investors towards precious metals, due to which there is a possibility of breakdown of this psychological level. However, market analysts point out that in 2020, breaking the level of $ 2020 an ounce of gold can create history.
Encouraged by the rapid rise in the international market, gold is continuously setting a new record in the domestic market and there has been a tremendous jump in the price of silver.
The country’s largest futures market, Multi Commodity Exchange (MCX), was trading at Rs 66,447 per kg, up by Rs 919, or 1.40 per cent, from the previous session in the September contract of silver at 10.18 am, while silver was trading at MCX before that. During the business, it rose to Rs 67,560 per kg. During the Corona period, on March 18, the price of silver was broken by Rs 33,580 per kg on MSX, after which the prices have risen by more than double.
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Shantibhai Patel, president of the Gem and Jewelery Trade Council of India, said that this time the silver demand could remain tremendous, so silver could touch the previous record level. He told that there is a demand for gold even at high prices because gold is useful in times of trouble.