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Silver became cheaper by Rs 1575 in Unlock 1.0, Gold prices gained momentum after 8 June

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After the lockdown was lifted, gold and silver purchases also increased. Despite this, gold was cheaper by Rs 554 from June 1 to 8 and silver also remained soft at Rs 1530 per kg, but as soon as the country was unlocked on 8 June, the price of gold started going up. Between June 8 and 12, gold rose by Rs 817 per 10 grams, while silver became cheaper by Rs 45.

On June 8, the average price of gold in bullion markets across the country was Rs 46489 per 10 grams. It reached Rs 46844 on June 9, Rs 47005 on June 10, Rs 47419 on June 11 and Rs 47513 on June 12. Before this, except for a few days between June 1 and June 8, gold prices fell daily. Let me tell you that 24 carat gold has increased by Rs 470 per 10 grams in 10 business days from June 1 to June 12. At the same time, silver has become cheaper by Rs 1575.

Gold and silver movement in bullion markets across the country in last 10 days

date Gold Price Rs / 10g Silver Price Rs / kg
12 June 2020 47513 47755
11 June 2020 47419 48485
10 June 2020 47005 47820
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

Source: ibja

Why the rise in gold rate

On Friday, gold prices rose by Rs 153 to Rs 48,144 per 10 grams in Delhi Bullion Market. In the previous trading session, gold had closed at Rs 47,991 per 10 grams. There are many reasons for the rise in gold prices. According to Ajay Kedia, managing director of Kedia Commodity, the economy is in a deep slump due to the cut in policy rates by central banks worldwide in the Corona crisis and gold is known as a safe investment option.

Also read: Corona cases exceeded 3 lakh in just 10 days in the country

During the sharp decline in the stock market and crisis in the economy, many fund managers increase the gold share in the portfolio. In the first week of June, many countries opened the lockdown and killed the economy, then people started focusing on other investment options. Here, the price of gold has increased in the spot market for two days. Uncertainty in the market has also increased due to the rapidly growing case of Corona. Gold rates have also increased due to the strengthening of gold in the international market and the weakening of the rupee against the dollar. As far as what will be the price of gold in the coming days, Kedia says that in the year 2020, we can see the price of gold up to Rs 53,000 per tola i.e. 10 grams.

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