Gold prices cross 50,000, why are prices skyrocketing even in the financial crisis of lockdown?
There are many reasons for the rise in gold prices in lockdown. (Symbolic picture)
Special things
- Price of gold reached 50,000 per tola
- Prices have risen sharply even in lockdown
- What is the reason?
Mumbai:
Economic tightness due to the lockdown implemented due to Coronavirus in the country has broken people’s back. In such a situation, the prices of gold are seen touching the sky. The price of gold has reached beyond 50 thousand. Today, on Wednesday, the price of tolas for gold is 50,280, on which 1500 rupees GST is separately. When the market is moving in lockdown, this boom in gold surprises us a bit. After all, what is the reason that on one side there is an atmosphere of economic tightness due to Corona, on the other hand the price of gold is increasing?
Gold traders in Mumbai have different opinions about it. Some believe that this is the effect of the international market, while some believe that this growth is surprising. It is possible that it will be artificial and will not last long. Regarding this, I have talked to Shiva Aggarwal, the owner of Shubham Jewelers in Malad, which has tried to understand what the rising gold prices mean at such a time.
Traders associated with the gold trade believe that in the economic crisis, people are giving preference to investing in gold. He said that people in financial crisis due to Corona epidemic are considering investing in gold better than market. Apart from this, in India marriage and festival season is coming, so demand has also increased.
Apart from this, there is a big reason for the work to stop in the gold mines. Excavation in the gold mine around the world is decreasing because there is a fear of coronavirus among the workers. At the same time, fluctuations in gold prices are also a big factor in the international market. Gold in the international market, which was $ 1250, has increased to $ 1700.
Another reason is the decision of the US Federal Bank. Investment in gold has increased instead of investment in the bank due to the 2022 ban on interest rate hike in the Federal Bank of America.