The price of gold is approaching 55 thousand rupees per 10 grams.
Gold-silver prices today continued to rise on Monday. So far this year, there has been an increase of about 35 per cent of the price of gold. On Monday, the prices of both gold and silver in Delhi bullion market rose by Rs 185 per 10 grams and Rs 1,672 per kg respectively. From today, the fifth trunk of Sovereign Gold Bond (SGB) has also been opened for subscription. Sovereign gold bonds are a type of government security issued by the RBI.
New Gold Prices (Gold Price as on 3 August 2020): On Monday, gold prices rose by Rs 185 per 10 grams in Delhi Bullion Market after a day's trading. After this, the new price has now reached Rs 54,678. On Friday, after the trading session, gold had closed at Rs 54,493 level. In the international market too, the price of gold is going up and at present, it is at the level of $ 1,973 per ounce.
New Silver Prices (Silver Price as on 3 August 2020): Silver price recorded a sharp rise today. The price of 1 kg of silver rose by Rs 1,672 to reach the level of Rs 66,742 in Delhi Bullion Market today. In its first trading session, the price of silver was at Rs 65,070. Talking about the price of silver in the international market, it is at $ 24.30 an ounce.
Why the rising gold and silver prices today
HDFC Securities Senior Enlist (Commodity) Tapan Patel told that after the weakness in the rupee, 24 carats in Delhi bullion market. The price of gold is increasing by Rs 185 per 10 grams. Today, the rupee has depreciated by 20 paise against the dollar and it has fallen to the level of 75 rupees. Both precious metals gained momentum due to the strengthening of the US currency and the fall in domestic equities.
Gold became 35 percent more expensive this year
In India, the price of gold has increased up to 35 percent so far this year. In the global market too, precious metals are seeing a boom. Experts say that due to Kovid-19, the global economy has seen a huge decline. The ever increasing cases of coronavirus have made the situation more difficult. This is the reason why the price of gold and silver is going up.
What is the estimate of the analysts?
In the coming days, the government is expected to announce another relief package. After this, now enlisters are once again anticipating that gold prices will increase. Goldman Sachs has estimated that the price of gold can reach $ 2,300 per 10 grams. Whereas, Bank of America says these prices can reach up to $ 3,000 per 10 grams. However, JP Morgan Chase & Co. has said in its report that the yellow metal will be shining later this year.