Today, the price of gold and silver rose in the national capital. According to HDFC Securities, today the price of gold rose by Rs 877 to Rs 50,619 per 10 grams. The yellow metal had closed at Rs 49,742 per 10 grams on the previous trading day.
Silver became costlier by Rs 2,012
Talking about silver, today the price of silver increased by Rs 2,012 to Rs 69,454 per kg as against Rs 67,442 per kg in the previous trading session. In the international market, gold and silver stood at the US $ 1,935 per ounce and US $ 27.30 per ounce respectively. In this context, HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "The fall in the dollar has led to the rise in the price of gold."
Returned 151 percent in a decade
If you look at the data from January 2011 to December 2020, gold has been heavy on both Sensex and Silver in terms of returns. Gold has given a return of 151 percent in this decade. Gold took a good lead-in 2011, but after that, it was around 28,000 from January 2012 to June 2017. That is, it did not give any returns for five and a half years. Gold started picking up again from December 2019 and has created a new historical level.
Gold increased by 25 percent in 2020
Gold has benefited from large-scale incentives in the year 2020 to counter Corona's economic impact. It has increased by 25 percent in 2020. Gold is seen as a hedge against inflation and currency decline. Talking about silver, it rose by 50 percent.
India is the second-largest buyer of gold
India is the second-largest buyer of gold after China. Gold attracts 12.5 percent import duty and three percent GST on gold in India. The flow of ETFs reflects weak investor interest in gold.