Gold has become cheaper by Rs 5376 per 10 grams so far from its all-time high. At the same time, silver has also become cheaper by Rs 140902 per kg from its highest level this year, according to the closing price on 9 October in the bullion market. If we talk about this month, before the festive season, the brightness of gold-silver has started intensifying. So far in October, the spot price of gold has gone up by Rs 436. On the other hand, if we talk about the spot price of silver, then it is on the path of strength once again. The silver rate has increased to Rs 1132 per kg in October. 

So where will gold reach Diwali

Manuvel Malbar Jewelers Managing Director M. Manuvel said, demand for gold is increasing continuously even in the midst of Corona crisis. The trust of the common people has once again returned to sleep. This will see more demand in the festive season. This is bound to affect the price of gold. There will be an increase in the price of gold in the coming time and this boom will continue not only in the festive season but also in the future, while Ajay Kedia of Kedia Capitals says that if you want to invest in gold, then there is a correction in the market. Wait for You can shop in gold when profit booking dominates in gold. In the year 2020, the price of gold can remain around Rs 53,000 per 10 grams.

Gold and silver up 25% over last year

If you compare the rate of gold and silver between October 10 and October 9, 2020 last year, there will be a big change. Gold price of Rs 999 was Rs 38488 per 10 grams on 10 October 2019 in Sarafa Bazar, which has reached Rs 50878 on 9 October 2020. That is, the rate of gold has increased by Rs 12390 in a year. Gold has given around 25 percent returns in this one year.

Gold was Rs 38488 per 10g on 10 October 2019

Metal9 October 2020 (Rs / 10g)10 October 2019 (Rs / 10g)Rate change (Rs / 10g)
Gold 999 (24 carat)508783848812390
Gold 995 (23 carat)506743833412340
Gold 916 (22 carat)466043525511349
Gold 750 (18 carat)38159288669293
Gold 585 (14 carat)29764225157249
Silver 99961106 Rs / Kg45515 Rs / Kg15591 Rs / Kg

Source: IBJA

On the other hand, if we talk about silver, then its price has increased by Rs 15591 per kg in last one year. Silver was Rs 45515 per kg on 10 October 2019 and today it has risen 25 per cent to Rs 61106.

Why is gold getting expensive

The biggest reason for the rise in the gold-silver rate is the weakening of the dollar, the Corona vaccine not yet coming to market, uncertainty in spite of the rise in the stock markets and political turmoil in many parts of the world. Also, the biggest reason is the reduction in policy rates by central banks around the world, indicating that the economy is in deep recession and gold is known as an option for safe investment.

At the same time, amidst the uncertainty in the stock market, the trend of investors has also increased in gold, due to which the demand has increased. Heavy buying by Gold ETFs is a direct sign of this. If you talk about the rise in gold on this Friday, Tapan Patel, Senior Analyst (Commodity), HDFC Securities, said, “24 karat gold rose by Rs 236 in the 24 spot gold market due to the rise in international gold prices. In the international market, gold was trading at $ 1,910 an ounce and silver was up sharply at $ 24.27 an ounce. Has strengthened. 

The dateGold Rate (Rs / 10g)Silver Rate (Rs / kg)
09 October 20205087861106
08 October 20205036960334
07 October 20205028758872
06 October 20205104461112
05 October 20205049860111
01 October 20205041359264
30 September 20205044259974

Source: IBJA

Invest carefully

There has been a sharp fluctuation in the price of gold in recent times. The price of gold has fallen from Rs 56 thousand to Rs 51000 per 10 gram level. Experts say that the price of gold is determined by demand, dollar price and international political-economic developments. Currently, corona remains a major cause. If the vaccine is ready, then there is a possibility of a sharp fall in the price of gold, while its price is expected to increase on delay. In such a situation, investors need to invest with better caution.

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