Gold Price Update: In August 2020, gold prices reached Rs 56200 per ten grams. At the same time, now it has come down to Rs 46,738 per ten grams.
Indians love buying gold Therefore, India is the second largest consumer of gold in the world. What to say if gold becomes cheaper there. But, since August 2020, there has been a downward trend in gold prices. In August 2020, gold prices reached Rs 56200 per ten grams. At the same time, now (5 February 2020) it has come down to Rs 46,738 per ten gram (Delhi bullion market price released by news agency PTI). Experts say that the concerns of corona infection are now going away from people’s minds. That is why people are no longer buying gold as a safe investment. Investors have turned to the stock market. Prices may fall further in the coming days. In the domestic bullion market, the price of gold can fall to 42 thousand rupees per ten grams.
Gold is getting cheaper
With the reduction of customs duty on gold in the budget, gold has become cheaper by Rs 1000 in Delhi bullion market. The price of 10 grams of gold has come down to Rs 47 thousand.
Experts believe that the trend of declining gold prices may continue for the next 15 days. But, it is expected to reach Rs 50 thousand per ten grams again by Diwali.
What happened in the budget that gold started becoming cheaper now
Presenting the budget for the financial year 2021-22, Finance Minister Nirmala Sitharaman has proposed to reduce the customs duty on gold and silver to 7.5 percent.
Currently it is 12.5 percent. Earlier in July 2019, the fees were increased by more than 10 percent. Since then, their prices have increased rapidly.
Why is gold getting cheaper
Internationally, the US dollar is becoming increasingly expensive. That’s why gold prices continue to fall. In foreign markets, the price of gold has come down to $ 1800 an ounce. This has happened after November 2020. However, the trend in silver prices continues. This is due to the boom in industrial demand.
Some experts in the commodity market say that if the economic activity in the world keeps pace like this, then in the coming days, the price of gold may come down further.
Gold can be cheaper further
In a press conference after the meeting of the Monetary Policy Committee on Friday, the Reserve Bank has indicated that banks have to take the CRR level to the former level of coronavirus.
Since then, there are also signs of an increase in interest rates, this will also increase the pressure on gold prices. Experts believe that gold prices can fall from the current level of Rs 46000 to Rs 42000 per ten grams.
Always keep these things in mind when buying gold jewelry
Many times we buy such jewelry which has gemstones. Some jewelers weigh the entire gem and combine it with the price of gold. That is, they are priced equal to the price of gold. The weight and impurity of the stone are usually subtracted from the total value when sold back.
Gold jewelery comes in different carats. Carat is the measure of purity of gold. The purest gold is 24 carats. Jewelery usually comes in 22 carats. It contains 91.6 percent gold.
Making Charge Making Charge depends on which design jewelery you are going to buy. The main reason behind this is that each jewelry uses a different style for cutting and finishing. Hallmarking is done to certify BIS standard hallmark gold jewelery. This is done by the Bureau of Indian Standards (BIS). This must be seen while buying jewelry.
