Gold Price: Gold is declining. The golden mother who crashed to a pretty height last year without putting the brakes on .. has been staring at the ground for the past few days. Libra gold has already fallen to a record high of over Rs 12,000. Bullion market sources say the fall is likely to continue.
However, the prices of cash are gradually declining. Last year it hit a record high .. Freshly falling from that peak. It has come down to over Rs 12,000 so far. On August 7 last year, the price of 10 grams of gold touched an all-time high of Rs 57,000. In the last 7 months, prices have come down to Rs 12,636. It has dropped by almost 11% so far this year.
Possibility to reach below Rs 40,000 ..?
On the domestic front, analysts said 10 grams of gold (Libra) is likely to fall below Rs 40,000. According to market sources, the rupee has already plummeted to record lows.
On the other hand, the fall in prices is affecting borrowers of gold-backed banks and other public and private non-bank financial institutions. There are plenty of opportunities for bankers and lenders to mortgage more gold for a loan or repay some of the original loan.
Silver prices are on the same path.
However, along with gold, silver prices are moving in the same direction. Silver prices are also declining as I said along with gold. The price of a kilo of silver was Rs 77,840 last year and is now at Rs 66,598. With this, it has come down to almost Rs 11,000. On Thursday, it fell by Rs 1,217 in a single day. Declining demand from the industrial sector will push down the price of silver. Internationally, gold was trading at $ 1,717 an ounce, while silver was at $ 26.09.
Why is gold declining ..?
However, there are many reasons for the decline in gold prices. The Union Budget, introduced in Parliament on the 1st of last month for the next financial year (2021-22), announced a reduction in the customs duty on gold. This, in addition to the existing negatives, has had a negative impact on the gold market. Also, the strengthening of the US dollar, rising popularity of bonds and the stimulus bid by the Biden government to the tune of $ 1.9 billion have weighed on domestic currency prices. The global economy, especially in the wake of the crisis with the corona epidemic, and the resurgence of stock markets, which have been reeling under deep losses, have prompted investors to withdraw their investments in gold. Buyers are also adopting a wait-and-see attitude.
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