On Friday, gold prices fell by over Rs 2,000 per 10 grams on MCX.
In the Indian futures market, on Friday, January 8, 2021, Gold’s February futures price was Rs 48,818. At the same time, silver futures (Silver Future) declined by 8.8 percent, ie Rs 6,100 per kg and reached Rs 63,850. Let us know why this happened and how much gold prices can go up this year…
- January 11, 2021, 9:29 PM IST
Hence the big fall in gold prices in Indian markets
The major reason for falling gold and silver prices in the Indian futures market was the decrease in the prices of both precious metals internationally. At the same time, the price of both precious metals has come down due to increase in yield of US bond and strengthening dollar. Experts say that the US Treasury Yield gained momentum due to the formation of a new government in the US and the hopes of a relief package. Also, the US stock markets rose. This had an impact on the price of gold. Experts say that now the price of gold can be between 52,000 to 48,500 rupees per 10 grams.
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Gold prices reduced to Rs 7400 from alltime high
On Friday, spot prices of gold declined by 3.4 percent in global markets and closed at $ 1849.01 an ounce. Gold had its first weekly decline in six weeks. Silver also lost 6.5 per cent to close at $ 25.42 an ounce. Meanwhile, the yield of government bonds for a period of 10 years in the US reached the highest level. The US dollar also recorded a rise of 0.26 percent. The price of gold reached an all-time high on 7 August 2020 with Rs 56,200 per 10 grams. On the same day silver also touched a level of 77 thousand rupees per kg. Since then, gold has become cheaper by Rs 7400 and silver by Rs 13,000.
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Gold prices can be up to Rs 63,000 this year
In the year 2021, there may be a tremendous jump in gold prices. Experts believe that this year, gold can reach Rs 63,000 per 10 grams. In other words, it is the right time to invest in gold. HDFC Securities (HDFC Securities) Senior Analyst (Commodities) Tapan Patel says that the gold price is likely to move faster this year. Comax’s target for gold this year is $ 2,150 and $ 2,390 an ounce amid uncertainty over the global economy. At the same time, gold target on MCX in India is Rs 57,000 and Rs 63,000 per 10 grams.