During lockdown, gold prices set several records. On May 17, a new record was set by reaching Rs 47861. Since then, the gold rate has continued to fluctuate. In the bullion market, gold has lost Rs 199 per 10 grams and silver Rs 1635 per kg in the last seven trading days. Experts give several reasons behind this. Market experts, who are expecting the price of gold to reach Rs 53,000 per 10 grams this year, are now anticipating a fall in gold.
Also read: Gold became cheaper by Rs 931 in Lockdown 4.0, 24 Karat Gold was the highest in the past, jumped by Rs 2610.
According to Ajay Kedia, managing director of Kedia Commodity, the economy is in a deep slump due to a cut in policy rates by central banks worldwide in the Corona crisis and gold is known as a safe investment option, but many countries have lockeddown here Has opened up the economy with openness. In such a situation, people have started focusing on other investment options.
Also read: Modi government is selling gold at this price, only 5 days will get a chance
Ajay Kedia says that the stock market has started rising. Meanwhile, the trend of investors has also shifted from gold to equity valuation. At the same time there is no geopolitical tension. There is tension between India and China which is often averted. Gold has given more than 50% return in the last two years. In such a situation, profit booking is dominating now. People are also selling old gold because high prices are attractive to sell old gold.
This is how gold moves after June 1
|date||Gold Price Rs / 10 Gm||Silver Price Rs / Kg|
|9 June 2020||46844||47695|
|8 June 2020||46489||47800|
|5 June 2020||46696||47800|
|4 June 2020||46767||47930|
|3 June 2020||46845||48295|
|2 June 2020||47075||49540|
|1 June 2020||47043||49330|
If we talk about the prices of gold and silver during the lockdown, then for the first time, gold prices fell in the fourth lockdown. Gold was cheaper by Rs 932 as compared to the third and the price of 24 carat 10 grams gold came to Rs 46,929 on Friday, May 29, the last trading day of this lockdown. However during this time it was above three times. On May 18, gold sold for Rs 47861, on May 20 at Rs 47260 and on May 22 at Rs 47100 per 10 grams.