Even before the marriage season starts, gold and silver prices have started falling. In the last one week, the spot price of 24 carat gold has fallen by Rs 839 to Rs 50416 per 10 grams. At the same time, silver has become very cheap. The silver spot has lost Rs 2074 compared to November 16. On November 20, silver closed at Rs 62027 in bullion markets. If you talk about the decline so far in November, gold has become cheaper by Rs 433. On October 29, the gold rate had closed at Rs 50840 per 10 grams. In contrast, silver has become costlier by Rs 2101 per kg. On 29 October itself, the silver spot closed at Rs 59926.
5847 rupees cheaper than peak gold
On August 7, gold opened at 56254 in the bullion markets. It was at its peak, while silver reached Rs 76008 per kg. That is, gold has become cheaper by Rs 5847 per 10 grams so far from its all-time high. While silver has lost Rs 13,981 from its peak of August 7.
Gold and silver movement has been so far in November
|The date||Gold Rate (Rs / 10g)||
Silver Rate (Rs / kg)
|20 November 2020||50407||62027|
|19 November 2020||50344||61505|
|18 November 2020||50627||62605|
|17 November 2020||51054||63386|
|16 November 2020||51246||64101|
|13 November 2020||50849||62700|
|12 November 2020||50702||62797|
|11 November 2020||50708||62440|
|10 November 2020||50665||61784|
|09 November 2020||52420||66052|
|6 November 2020||52473||65845|
|05 November 2020||51532||62799|
|04 November 2020||51306||61243|
|03 November 2020||51242||62250|
|02 November 2020||51037||61867|
|29 October 2020||50840||59926|
Five reasons for price drop
- Dollar weakness against other currencies including Rupee
- Positive news about Corona becoming a vaccine
- US government prepares help for small industries
- Political uproar at global level
- China’s tension with other countries including India and America
Gold can be 60 thousand in next one year
Anuj Gupta, deputy vice president (commodity and currency), Angel Broking, says that gold prices are falling globally due to positive news about the Corona vaccine. Despite this, given the current low level, gold can reach 57 thousand to 60 thousand rupees per 10 grams in the next one year. He says that investing in gold in the long term is a profitable deal.
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However, they also say that one should do a full investigation before investing. Experts say that apart from improving the global economy and easing tensions in the US-China, the stock trend has also increased. While the trend on gold has reduced. In such a situation, there is no expectation of a sharp jump in gold in the near future.