The hope of vaccines coming soon to stop the corona epidemic has dampened investor sentiment towards gold. Due to this, a major decline in gold has been recorded in recent times. The global market also recorded the biggest drop in gold prices on Monday in four years.
US gold futures market fell 0.7 per cent to $ 1775.11 an ounce on Monday. This month, the price of gold has fallen by about 6 percent. This is the biggest monthly decline since November 2016. In the international market, silver prices also fell sharply by 2.2 per cent to $ 22.19 an ounce. Similarly, platinum also declined by 0.7 percent to $ 957.04.
Gold 8000 and silver 17 thousand rupees cheaper
On Friday, gold fell 0.85 per cent to close at Rs 48,106 per 10 grams on MCX. On August 7, gold had reached its all-time high of Rs 56,254. In this way, gold has become cheaper in the Indian market so far by eight thousand rupees per ten grams. Similarly, silver touched its highest level on 7 August. At that time, silver had reached Rs 76,008 per kg but on Friday its price was Rs 59100. During this period, the price of silver declined by about Rs 17,000.
Bank Holiday December 2020: Holidays in banks will be closed for three days on Christmas, but here
What is coming down in yellow metal
Positive news on the vaccine front to deal with the Corona epidemic is leading to a fall in gold prices. Bullion market experts say that with the improvement in the global economy and the tensions between the US and China easing, investors are turning to stocks except gold. This is the reason why a huge surge in gold prices is unlikely in the near future.
Increased trend in stock market again
In times of crisis, gold has always been the first choice of investors. Due to this, a sharp rise in the price of gold has been seen during the Corona crisis, but now investors are turning to the stock once again due to the news of the vaccine. Investors’ trend has also returned to the stock market with the news of the recovery in the global economy.
Good choice for long term
Anuj Gupta, deputy vice-president of commodity and currency at Angel Broking, said that the news of corona vaccine coming in is a period of decline in gold but in the long run it is a better investment medium. In the next one year, gold can again reach the level of Rs 60000 per 10 grams.
Gold lost shine and silver tinted, price fell in a week