Today, there has been a big fall in the prices of gold and silver for the third consecutive day. On MCX today at 1.15 pm, gold has fallen by Rs 1,033 to Rs 47,473. On the other hand, according to the website of the Indian Bullion and Jewelers Association, today gold has become cheaper by Rs 918 to 47,611. Gold has come to its lowest rate in the last 1 month. Earlier, on May 8, gold had come to Rs 47,500.
On the other hand, talking about silver, MCX silver is trading at Rs 69,624 per kg with a fall of Rs 1,844 at 1.15 pm. On the other hand, if we talk about the Indian Bullion and Jewelers Association, then it has come down to Rs 70,079 per kg by getting cheaper by Rs 1,311.
Anuj Gupta, Vice President (Commodity & Currency), IIFL Securities says that after the US Federal Bank increases the interest rate twice by the end of the year 2023, people's interest in gold has decreased. Due to this, the prices of gold have come down and in the coming days, they can go up to Rs 46,800.
Anuj Gupta says that investors do not need to be worried about this fall of gold. This fall is not going to last long and by the end of this year, gold can go up to Rs 55 thousand.
Ajay Kedia, director of Kedia Commodity, says that inflation has increased rapidly in the country due to the Korana epidemic. Whenever inflation rises, gold gets its benefit. Apart from this, now the lockdown has also opened, due to which marriage and other functions will also start. This will also increase the demand for gold in the bullion market. By the end of this year, gold can again go up to Rs 56 thousand.
With the improvement in economic activities in the country, the demand for gold has also started increasing. According to the Ministry of Commerce, gold has been imported in April worth $ 6.3 billion, about 46 thousand crore rupees. In the same period a year ago, only $2.82 million was imported gold worth about Rs 21.61 crore. However, there has been a decline of 88.53% in silver imports in April 2021. During this period, silver worth $ 11.9 million, about Rs 87 crore, has been imported.
By the time Corona was at its peak last year, the price of gold had reached its all-time high. In August 2020, the record level of Rs 56,200 was reached. At that time, there was an atmosphere of fear among investors due to the Corona epidemic. At this time, once again such an atmosphere will be created.
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