Gold Silver Price: Gold price rises again today; Silver becomes costlier by Rs 1404

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Today, the price of gold and silver has increased in the national capital in line with global markets. According to HDFC Securities, the price of gold in the domestic market rose by Rs 297 to Rs 48,946 per 10 grams. The yellow metal had closed at Rs 48,649 per 10 grams on the previous trading day.


Silver became costlier by Rs 1,404

Talking about silver, today the price of silver increased by Rs 1,404 to Rs 65,380 per kg as against Rs 63,976 per kg in the previous trading session. In the international market, gold and silver stood at the US $ 1,858 per ounce and US $ 25.39 per ounce respectively.


Major causes of price fluctuations

Gold and silver price fluctuations are caused by fluctuations in the US dollar, rising coronavirus cases and related restrictions, mixed economic data from major economies, and additional stimulus measures. Analysts say the biggest factor in the price of gold in the last few weeks is progress on the vaccine front.


Sovereign Gold Bond Scheme open to investors

Investors can buy gold at a much lower price than the market price under the Sovereign Gold Bond scheme. The scheme is open for only five days and 11 January 2021 means today is its first day. The scheme will remain open till 15 January 2021. Under the scheme, you can buy gold at Rs 5,104 per gram. That is, if you buy 10 grams of gold, then it costs Rs 51,040 and if the gold bond is purchased online, then the government gives an additional rebate of Rs 50 per gram to such investors. In this, payment for applications has to be made through 'digital mode'.

Will get much interest

Gold bonds have a maturity period of eight years and get an interest of 2.5% per annum. The interest accrued on the bond is taxable as per the tax slab of the investor but is no tax deducted at source (TDS).

The Sovereign Gold Bond Scheme was launched in November 2015, aimed at reducing the spot demand for gold and converting a portion of domestic savings used for the purchase of gold into financial savings.