On Tuesday, gold weakened by Rs 679 to Rs 44,760 per 10 grams in the national capital. According to HDFC Securities, gold had closed at Rs 45,439 per 10 gram in the previous trade. In line with the global markets and the rupee's appreciation against the dollar, it has declined.
Silver became cheaper by Rs 1,847
The price of silver also fell by Rs 1,847 to Rs 67,073 per kg. Silver had closed at Rs. 68,920 in the previous trading day. In the international market, gold was at $ 1,719 an ounce while silver was at $ 26.08 an ounce.
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.
Major causes of price fluctuations
The fluctuations in the US dollar, rising coronavirus cases and related restrictions, mixed economic data from major economies, and additional stimulus measures have led to fluctuations in the price of gold and silver. Analysts say the biggest factor in the price of gold in the last few weeks is progress on the vaccine front.