After improving the value of the rupee on Thursday, the price of gold in Delhi bullion market fell by Rs 488, which was about Rs 500 to Rs 49,135 per 10 grams. HDFC Securities has provided this information. On Wednesday, gold closed at Rs 49,623 per 10 grams. Silver also lost Rs 1,168 to Rs 50,326 per kg. Silver closed at Rs 51,494 per kg on Wednesday.
HDFC Securities senior analyst Tapan Patel said: "Gold prices fell due to a correction in the rupee." In the international market, gold remained unchanged at $ 1,769 an ounce and silver at $ 17.90 an ounce.
Due to weak spot demand, traders cut their deals, leading to a fall of 0.07 per cent to Rs 48,223 per 10 grams in futures trade on Thursday. Gold for delivery in August fell by Rs 34, or 0.07 per cent, to Rs 48,223 per 10 grams in MCX, with a business turnover of 12,737 lots.
Gold for delivery in October fell by Rs 33, or 0.07 per cent, to Rs 48,356 per 10 grams, with a business volume of 6,607 lots. However, gold prices in New York rose 0.04 per cent to $ 1,779.10 an ounce globally.
Gold prices reached an 8-year high on Tuesday night in New York. Its price was slightly above $ 1800 per ounce. This led to a rise in the price of gold in the domestic market on Wednesday.
According to Navneet Damani, VP (Commodities Research), Motilal Oswal Financial Services, gold rose to an almost 8-year high due to the possibility of coronavirus picking up again. This puts gold in the path of its highest quarterly return since March 2016.
A recent report by Bank of America Securities stated that there is no expectation of better returns in stocks and bonds in the next few years. As a result, investors have turned towards gold. According to the report, by the end of 2021, the price of gold can go up to $ 3000 an ounce. According to the current exchange rate, this amount in Indian currency is Rs 82 thousand per 10 grams. Experts say that the uncertainty over the Hong Kong issue, coupled with the possibility of a slowing global economy due to the transition to another round of Corona, is also increasing the price of gold.
