Gold prices changed on budget day: know what is the new rate, how is gold business in the international market – Informalnewz

Finance Minister Nirmala Sitharman is presenting the budget of 2021-22 today.

Before this, the change in the rate of gold is being seen. On the Budget day, Gold (Gold) with February delivery opened at Rs 274 on the Multi Commodity Exchange (MCX). It closed at Rs 49096 in the previous session.

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It was trading at Rs 49204 with a rise of 108 rupees or 0.22 per cent at 9:30 am. In the morning it touched a low of Rs 48803 and a high of Rs 49400. Gold for April delivery was also trading up by Rs 73 to Rs 49510.

The year 2020 was very good for gold. Last year, the price of gold increased by about 28 percent. In the month of August, gold and silver prices set a new record. It had touched an all-time high.

Not only did the price of gold rise in India, but gold also became almost 23 percent costlier at the world level. Earlier in the year 2019, the rate of increase in the price of gold was high.

Gold prices in India are influenced by global trends. Global economic recovery is getting difficult due to the rise of the corona virus epidemic. In addition, low interest rates worldwide and weakness in the US dollar could be positive for gold. Right now the gold spot is around $ 1900 an ounce. This year it can go up to $ 1980 and then $ 2050.

Gold has given much higher returns than real estate. Real estate prices have come to a standstill for some time. The home price index rose 1.1 percent in the second quarter of 2020-21, compared to 2.8 percent in the previous quarter and 3.3 percent in the same quarter last year. In 2020, Gold gave the best return among all asset classes. It gave good returns from stocks and real estate. Last year, the BSE Sensex gave a return of 15.75 per cent.

Major central banks worldwide have cut interest rates to almost zero. It will remain at this level for at least another year. Also, central banks are adopting a different approach to provide liquidity in the market. All this will have an impact on the economy and this will increase the prices of gold.

The price of gold reached an all-time high of Rs 56200 in August last year, but later it has fallen by about Rs 7000. The corona vaccination program shows a ray of hope for recovery in the economy all over the world. At the same time, the price of gold is expected to accelerate in the coming days with more stimulus measures from the US and a $ 1.9 trillion package.

Market experts believe that irrespective of the circumstances, the easing of the Easy Money Policy and the dollar will lead to a rise in gold prices in the coming days. In the next one month, the spot price of gold internationally can reach $ 1920 per ounce, while on MCX it can reach the rate of Rs 50400 per 10 grams. It is currently running at $ 1,862.30 an ounce in the international market, while on MCX it closed at Rs 49190 on Friday.

Like gold, the dollar is also considered safe haven in terms of investment. Last year, the value of the dollar fell by 6 percent and this year it is expected to fall further. The fall in the price of the dollar and the price of gold are interrelated. If the dollar falls further, the price of gold will increase in the coming months. At the same time, if the dollar is strong then gold will fall. The dollar has gained 1.4 percent in January. Due to this, the price of gold has fallen by 3% in January.

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