New Delhi: On Monday night, the gold price reached close to 48 thousand rupees. However, on Tuesday, it has seen an improvement of one thousand rupees. The futures price of gold has reached Rs 47,929 per 10 grams on the Multi Commodity Exchange (MCX). In such a situation, experts believe that this is a better time to invest in gold.
That’s why prices have increased
This rise in the prices of gold is being seen because of the successful testing of the Corona virus vaccine in America. Currently, the price of gold in the international market is $ 1730 an ounce. It may touch $ 1800 an ounce level in the coming days.
Price can go up in the Indian market
The price of gold in the Indian market can touch the level of 51 thousand per 10 grams. Ajay Kedia, director of Kedia Advisory, said that due to the outbreak of coronavirus, the global economy is in the grip of recession, while trade tension between US and China is increasing again, due to which the trend of investors towards safe investment means gold. The price of gold on international Comex has been at a high level for more than seven years. The US central bank Federal Reserve has also predicted the impact of the stock market in the Corona period and the economic recovery process will be sluggish.
The June contract for gold on Comex was trading at $ 1769.10 an ounce, up to $ 12.80, or 0.73 per cent, from the previous session, while the previous price rose to $ 1774.95 an ounce. At the same time, silver was trading at $ 17.57 an ounce, up 2.98 per cent from the previous session in the July contract.
Anuj Gupta, deputy vice president of Angel Broking, said that gold is the preferred investment tool of investors at this time because gold is a partner of crisis. He said that when people are in crisis, then the cash they have is with them, or the gold which is used to raise the resources of the people as well as help in building business.
Apart from this, silver prices have also seen a jump and it can touch the level of Rs 44,500 per kg.
You can also invest in 1 gram of gold
You can also invest in one gram of gold under the Sovereign Gold Bond scheme. You can buy at least one gram and a maximum of 500 grams of gold in a year here. Investments in gold bonds also provide tax exemption.