On Thursday, gold fell by Rs 217 to Rs 44,372 per 10 grams in the national capital. According to HDFC Securities, gold had closed at Rs 44,589 per 10 grams in the previous trade.
Silver became cheaper by Rs 1,217
Silver also declined by Rs 1,217 to Rs 66,598 per kg. Silver had closed at Rs 67,815 on the previous trading day. In the international market, gold was at $ 1,717 an ounce while silver was at $ 26.09 an ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said the strengthening of the dollar and the rise in the US Treasury Yield affected the price of gold in the domestic market. That said, the trader is awaiting comments from the US Fed president.
Government selling gold at 10 months' cheapest price
If you want to invest in gold then this is the right time for you. The central government has introduced the Sovereign Gold Bond Scheme. The 12th series of sovereign gold bonds has started from March 1 and you will be able to invest in it by March 5. This scheme is the last series of the current financial year. The most important thing in this is that this time the price of Sovereign Gold Bond is the lowest in ten months, that is, at the low level of 10 months. The Reserve Bank of India has fixed the price of gold subscriptions at Rs 4,662 per gram this time. If you apply online, you will get a rebate of 50 rupees per gram. This means that you will spend Rs 4,612 for one gram of gold.
Gold demand expected to improve in 2021
The country's gold demand declined by more than 35 percent to 446.4 tonnes in the last year ie 2020. This information is given in a report by the World Gold Council (WGC). On the WGC's 2020 demand for gold, the report noted that the demand for gold declined amid the enforced lockdown due to the coronavirus and the price of precious metals reaching an all-time high. However, at the same time, the report said that the situation is now normalizing and the industry has been strengthened by continuous reforms. As such, the demand for gold is expected to improve in 2021 this year.