Gold Rate: Know why gold prices can go beyond Rs 50,000, this is the reason
Gold Rate: Today, all eyes were on the stock market, when the market remained in the red mark from morning till the closing of business. Gold has closed sharply today amid reports of investors losing lakhs of crores of rupees throughout the day. Gold prices on Friday rose by Rs 570 to Rs 47,155 per 10 grams in the Delhi bullion market after the rise in the prices of precious metals in the global markets and the fall in the rupee against the dollar. Due to this, gold had closed at Rs 46,585 per 10 grams in the last trading session.
Silver also saw a rise
Silver also rose by Rs 190 to close at Rs 62,145 per kg. Silver had closed at Rs 61,95 per kg in the last trading session.
The impact of the rupee’s movement was also visible.
The rupee depreciated by 37 paise at 74.89 against the US dollar in the foreign currency exchange market. Today the rupee also continued to decline against the dollar. While the stock market could not get out of the red mark of decline, the business was seen with a fall in the rupee.
How was the movement of gold and silver in the global market
In the international market, gold was trading higher at $ 1808 an ounce, while the price of silver looked almost stable at $ 23.70 an ounce and was seen trading at yesterday’s levels.
what is the expert say
HDFC Securities Senior Analyst (Commodities) Tapan Patel said that “Spot gold on COMEX (New York-based commodity exchange) on Friday rose one per cent to USD 1,808 an ounce and thereby strengthened gold prices.”
Why gold can go beyond 50,000
This time in the festive season and in the wedding season, there is already a spurt in the demand for gold and it seems to be returning in this festive and wedding season as compared to last year. Due to these, by the end of 2021 this year, the prices of gold can be seen again at Rs 50,000 per 10 grams.
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