This year, gold which has given huge returns to investors, is now beginning to shock. Amidst reports that the corona vaccine was ready, on Tuesday, gold fell by Rs 1049 to fall below the Rs 49,000 level in the Delhi bullion market. The price of gold is Rs 48569 per 10 grams.
On Tuesday, gold fell by Rs 1,049 to close at Rs 48,569 per 10 gram in the Delhi Bullion Market. HDFC Securities has given this information. Gold price in the last trading session was Rs 49,618 per 10 grams
HDFC Securities Senior Commodity analyst Tapan Patel said gold prices fell in view of rising expectations regarding the Kovid-19 vaccine and Biden’s preparations to take over as US President. Apart from this, signs of weakness in the global market and improvement in the exchange rate of the rupee also affected the gold prices. Meanwhile, silver also fell by Rs 1,588 to Rs 59,301 per kg due to selling pressure. Its closing price in the previous session was Rs 60,889 per kg. In the international market, gold lost a loss to $ 1,830 an ounce while silver remained almost unchanged at $ 23.42 an ounce. Anuj Gupta, deputy vice president of Angel Broking, said that gold has broken 49,000 low, after which the possibility of further decline has increased.
Gold can go below 45 thousand rupees after vaccine formation: Expert
Four reasons for decline
Companies close to making vaccine
Many pharmaceutical companies of the world have come close to making Corona effective vaccine. They claim that it can be 70 to 94 percent effective. In such a situation, gold will not be a safe investment in the coming time due to the fear of corona. Gold is falling due to this.
Expectations from Biden too
Joe Biden has won the presidential election in America. They have intensified their preparations to take power. Moderate Biden is expected to end trade war with the coming of power. This is expected to pick up the pace of business activities worldwide. Gold is losing its sheen due to economic crisis.
Sharp improvement in global economies
There is a sharp improvement in the economies of the world including India and America. Experts say that in case of economic boom, investment related to shares is more beneficial. In such a situation, now investors are giving preference to shares more than gold. This has also contributed to the decline in gold.
Avoid investing in gold now
Angel Broking deputy vice president Anuj Gupta said that gold had crossed the 55,000 level when the corona crisis deepened. Now as the vaccine approaches, it has started declining. Gupta said that after the vaccine is made, if gold falls below Rs 45 thousand per 10 grams, it will not be surprising. In such a situation, there is a need to stay away from investing in gold. However, it can reach the level of 55 thousand rupees again in a year or longer.