The stock market has suffered a setback in the last six sessions before the Budget. The Sensex has fallen nearly 4000 points from its all-time high of January 21. On the other hand, if you talk about gold, its price has fallen to Rs 809 per 10 in the month of January. On 31 December 2020, the price of gold in the bullion market was Rs 50202. On the other hand, silver has become costlier by Rs 2343 per kg during this period. Indian Bullion ASO. According to the data given on the website of India, silver was sold at the rate of Rs 67383 per kg as on 31 December 2020. However, gold is still cheaper by Rs 6861 from its all-time high and silver is cheaper by Rs 6282 per kg from its previous year’s high.
Silver became costlier by Rs. 3934 in four days
In the last week of January, the spot price of gold increased by only Rs 253 per 10 grams in bullion markets, but silver spot saw a big jump. Silver became costlier by Rs 3934 per kg last week. Let us tell you that on January 22, silver had closed at Rs 65792 per kg, while on January 29 it reached Rs 69,729.
This is how gold and silver move in the last one week
|Date and day||Morning Rate of Gold (Rs / 10g)||Evening Rate of Gold (Rs / 10g)||Morning Rate of Silver (Rs / kg)||Evening Rate of Silver (Rs / kg)|
|29 January Friday||49074||49393||68337||69726|
|28 January Thursday||48886||48986||65458||65967|
|27 January Wednesday||49079||48975||65954||65750|
|25 January Monday||49186||49416||66407||66703|
|31 December Thursday||50123||50202||67282||67383|
25 percent rise in 2020
Fiscal measures by central banks and governments around the world to reduce the effects of the coronavirus had increased gold prices by more than 25 percent last year, while silver had risen nearly 50 percent. Gold is considered to protect against inflation and currency depreciation. Explain that the spot price of gold opened at 56254 on August 7, 2020 in bullion markets across the country. It was an all-time high.
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After this, it closed at a level of Rs 56126 per 10 grams after a slight decline in the evening. As far as silver is concerned, on this day it opened at a rate of Rs 76008 per kg and closed at Rs 75013. The price of silver on MCX jumped to a record Rs 73,600 per kg on 25 April 2011, while the silver price in the spot market reached Rs 77,000 per kg in 2011. The price of gold on March 16, 2020 was Rs 38,400 per 10 grams.
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India’s gold demand decreased by 35 percent
The country’s gold demand declined by more than 35 per cent to 446.4 tonnes in the last year ie 2020. This information is given in a report of the World Gold Council (WGC). On the WGC’s 2020 demand for gold, the report noted that the demand for gold declined amid the enforced lockdown due to the corona virus and the price of precious metals reaching an all-time high. According to WGC data, the demand for gold declined by 14 per cent in value last year and came down to Rs 1,88,280 crore. In 2019, gold demand by value was Rs 2,17,770 crore.