In the last week of April, there has been a decline in the prices of gold and silver. But in view of the entire April month, both the precious metals have gained momentum. Experts associated with the commodity market estimate that there will be a big jump in gold during the coming 5 to 6 months.
By Diwali, there is a great rise in the price of gold. (Photo: Pixabay)
This year, due to Corona virus epidemic, the price of gold has been seen to fluctuate continuously. There has been a downward trend in this over the past few years. However, experts are telling that this decline will not be seen for a long time. Currently, the price of gold is Rs 46,743 per 10 grams. The Indian Bullion Jewelers Association says that gold has been cheaper by Rs 1,015 in the last one week.
However, for the entire April month, it has increased by Rs 2,602. On 31 March 2021, the price of gold was Rs 44,190 per 10 grams. But regarding the month of May, experts say that there can be a big rise in the price of gold.
Silver shine is going to increase
Commodity market experts are not only anticipating the rise in the price of gold but also in silver. Currently, silver is below its record level and the price per kg of silver is Rs 67,800. In the last one week, the price of silver has come down by Rs 1,352 per kg.
Talking about the month of April, during this period, the price of silver is cheaper by Rs 4,968 per kg. Whereas, on March 31, the price of the moon was Rs 62,862 per kg.
Gold can reach beyond 60 thousand by Diwali
Commodity market experts say that due to the Corona crisis in the country, there is an atmosphere of volatility and uncertainty. People still fear that the lockdown may not take place. At the same time, inflation has also started increasing on the other hand. In the coming days, the effect of these factors will be seen on the price of gold.
This is the reason that during the next 5-6 months, there may be a big rise in gold. By Diwali, the price of gold can go beyond 60 thousand rupees per 10 grams. In an environment of uncertainty, investors prefer gold as the safest investor option.
Information predicting the rise in gold due to these factors
1. These experts say that there has been an atmosphere of uncertainty around the world due to the Corona infection. Due to this, there is a flurry in the stock market. At such times, gold becomes the safest investment option for investors. In such a situation, the price of gold rises. A similar boom was witnessed last year, when the price of gold reached a record level of 56,200 per 10 grams in August 2020.
2. The international market has seen weakness in the dollar during the recent past. The Indian rupee has also seen a decline. In such a situation, due to weakness in both these currencies, gold prices will get support.
3. China’s central bank is increasing gold in its reserves. Also, the banks here have also been approved to import gold. In the coming days, gold prices will be seen in the coming days.
4. Even though there has been a decline in the price of gold in the international market last week. However, the boom in the price of gold in the international market has continued. In the US market, the price of gold is seen trading above $ 1,773 an ounce. On April 1, the price of gold was at $ 1,730 an ounce.
5. The rise in retail and wholesale inflation figures will also see the rise in the prices of gold and silver. The retail and wholesale inflation rates have reached the highest level in the last 8 years.
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