As a result of the slowdown in the international market, there was no sign of a significant rise in gold prices in India for four consecutive days. Due to this, the price of gold and silver remained lower than before.
After falling gold prices in the last four days, the MCX index rose 0.11% to Rs 50,029 per 10 grams. Besides, silver rose by 0.3% to Rs 61,890 per kg.
As a result of the 0.6% fall in gold price last day, there was a deficit of Rs 350 per 10 grams. The price of silver fell by Rs 1,000 per kg due to a fall of 1.63%.
Gold prices fell in the international market on this day due to uncertainty in the US economy. International stock markets rose to an all-time high this week after receiving a positive message about the production of the covid vaccine. But competition in vaccine production and the rate of infection have been rampant, leading to uncertainty in the market.
Understanding the market situation, investors are not particularly keen to invest in Gold ETFs at present. On Thursday, the world’s largest gold ETH SPDR Gold Trust saw a 0.14% shortfall in gold reserves, bringing the total to 1,218.25 tonnes.
According to Kotik Securities, the price of gold is under pressure as it cannot exceed $ 1,900 per ounce. The rate of investment in gold has begun to decline as a result of advances in the Covid-19 vaccine trial. The price of gold and silver will continue to fluctuate until we get a clear picture of this. ‘
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