Significantly, on August 7 this year, gold hit the highest level in the futures market. On August 7, the price of 10 grams of gold rose to Rs 56,200. Gold price has declined by Rs 6,000 since then.
Gold and Silver Price Today: Gold and silver prices have been falling sharply for the past four days. About three months later, gold once again fell below 50,000. December gold futures fell 0.15 per cent to Rs 49,971 per 10 grams on the MCX.
In fact, the Indian pasidi jewelery market is waiting for the festive season. This year the rains have been good and the crops have grown well and as a result, gold demand in rural areas is coming back again. According to the India Bullion and Jewelers Association website (ibjarates.com), on October 8, 2020, 24 carat gold was priced at Rs 50,357 and 22 carat 10 gram gold at Rs 46,127 in the Delhi Delhi Bullion Market. On Wednesday, 24 carat gold was priced at Rs 50287 and 22 carat gold at Rs 46063.
Speaking of silver, silver fell 0.23 per cent to Rs 60,280 per kg on the MCX on Thursday. However, gold and silver have been trading in a range over the past few days. The price of silver fell from its highest level.
In fact, there is pressure on prices in the US due to the relief package uncertainty. But the weaker dollar is receiving less support. Gold is trading at less than $ 1,900 on Comex. According to experts, gold is likely to remain low before the US election.
Also Read: Gold futures fall sharply, silver becomes cheaper by Rs 2500 in two days
Gold rose 30 percent in the first eight months of 2020, but slowed as the dollar rose in September .But gold demand in India is expected to increase during the festive season. Because in India, gold is bought during the festive season. In such a scenario, the gold market is looking forward to Diwali-Dhanteras.
According to a report by the World Gold Council, India currently has about 653 metric tonnes of gold. This makes India the 9th largest gold reserve in the world. It accounts for 7.4 per cent of total foreign exchange reserves.
Gold imports in India rose to $ 3.7 billion in August. It was $ 1.36 billion in the same month last year. India is the second largest buyer of gold after China. In India, gold attracts 12.5 per cent import duty and 3 per cent GST on gold.
Significantly, on August 7 this year, gold hit the highest level in the futures market. On August 7, the price of 10 grams of gold rose to Rs 56,200. Gold price has declined by Rs 6,000 since then. However, with this decline in gold, investors are also looking towards the rapid rise of the stock market. Gold prices, on the other hand, are likely to fall further in the future. The economies of Germany and Italy in particular have plummeted due to the corona. This allows countries to release their own reserves in the open market.
