Corona connection of gold is expensive but gold is still a profitable deal Corona has a big connection with gold prices. Gold prices have skyrocketed during the Corona period. In some bullion markets, even the price of 10 grams of […]
Corona connection of gold is expensive but gold is still a profitable deal
Corona has a big connection with gold prices. Gold prices have skyrocketed during the Corona period. In some bullion markets, even the price of 10 grams of gold has seen a level of up to 50000. Even though the common man is buying less gold during this period, he is not taking the name of lowering its prices. Market experts say that as long as the corona infection continues to increase in countries around the world, there is no possibility of gold prices coming down.
Ajay Kedia, director of Kedia Commodities, says that the corona virus infection is increasing rather than decreasing. Due to this uncertainty in the stock markets, real estate is also affected. This round seems to be the safest gold for investors. Investors have moved towards gold, gold ETFs and bonds. This is the reason why gold rates are increasing.
When will gold be cheaper
When will gold be cheaper? On this question, Kedia says that the price of gold will fall only when a corona vaccine arrives in the market and it is also successful. Apart from this, if India and China do not buy gold, the price may be lower. Even then gold will not go below 44000. This correction can appear when the corona vaccine arrives.
Gold is expensive but gold is still a profitable deal
In two years, gold has given 55% return, its price has increased by 24% in the last six months. At the same time, Tanya Rastogi, director of the India Bullion and Jewelers Association (IBJA), says, “People may find gold at Rs 50000 expensive, but it is still a good time to buy gold.” By Diwali, the price can cross Rs 82000.
According to experts, due to the ongoing global uncertainty amid the Corona crisis, gold boom may continue. The rise in the price of gold has been going on for the last decade. Gold is 55 percent faster since September 2018. This year there has been an increase of 24 percent in 6 months. In the next 2 years, the price of gold can increase by Rs 20000 per 10 grams per 10 grams.
On July 1, gold in the bullion markets across the country reached Rs 48980 per 10 grams. On July 3, Friday, 24-carat gold closed at Rs 48,354 per 10 grams. Before this, if you talk about June, gold has remained at Rs 48000 per 10 grams since June 27. While silver has fallen marginally, according to Ajay Kedia, there has been encouraging news about the Corona vaccine behind the decline in gold rate for the last 3 days. Although this decline is temporary, Corona cases are increasing and so will the prices.
Who is shopping
Gold shopping is done for several reasons. For example, the common man purchases gold in the form of jewelry. Similarly, central banks of various countries buy gold to tighten their currency. During the sharp decline in the stock market and crisis in the economy, many fund managers increase the share of gold in the portfolio as gold is considered a safe haven investment. Central banks, fund managers, independent investors etc. are all buying gold on different exchanges all over the world. The price of gold is also at a record high in the international market. This is the reason why there is a boom in gold in India.