New Delhi. The second wave of Corona virus has spread its legs in India in a tremendous way. If we talk about the past 24 hours, then about 3 lakh new cases have come out. The effect of this is being seen in the price of gold and silver. In the month of April, gold has become more expensive by Rs 2900 per ten grams. While silver has also seen a rise of more than 4900 rupees. According to experts, there are signs of economic instability once again due to Corona virus. In many estimates, India’s GDP has dropped once again, due to which investors have started investing in safe havens i.e. gold and silver.
Gold sprung in domestic market
First of all, if we talk about the domestic futures market, MCX, then gold prices have seen a boom. In the month of April, the price of gold has increased by Rs 2922 per ten grams. On March 31, gold had closed at Rs 44,935 per ten grams. On April 20, gold had closed at Rs 47,857 per ten grams. The special thing is that an increase of about 1000 rupees has been seen during Chaitra Navratri. Let us tell you that on April 20, gold closed at Rs. 436 per ten gram.
Something like this increased in the price of gold in April
|The date||Gold Price (Rupees per ten grams)|
The price of silver also increased
On the second domestic futures market, the Multi Commodity Exchange has seen a rise in the price of silver. Silver has become costlier by Rs 4931 per kg in the month of April. On 31 March, the price of silver had closed at Rs 62,814 per kg. On April 20, it had closed at Rs 68,745 per kg. While the price of silver has seen a rise of about 2 thousand rupees during Navratri. Let us tell you that on April 20, there was an increase of Rs 436 in the price of silver.
Silver prices increased in this way in April
|The date||Silver Price (Rs. Per kg)|
Ajay Kedia, director of Kedia Advisory, says that in the past or before April, the corona virus cases in India started picking up again. After which first Maharashtra imposed a lockdown of 15 days, followed by the first two days in the country’s capital Delhi and then a 7-day lockdown was announced. At the same time, strictness is being seen in other states as well. Due to which the economic growth projections of the country have received a setback again. This is why investors have started turning to gold and silver.
And how much can the price increase
According to Anuj Gupta, Vice President (Commodity and Currency) of IIFL, the price of gold and silver may see a further rise in the coming days. He said that the price of gold can once again cross 50 thousand rupees. At the same time, the price of silver can cross 70 thousand. In fact, the effect of corona virus is increasing in the country. Due to which support is being seen in the price of gold and silver.
Gold and silver in foreign market
At the same time, the price of gold and silver is seen increasing in foreign markets. Gold is trading up $ 3.30 on Comex at $ 1781.70 an ons. While silver has once again reached close to $ 26 an ons. Currently, silver is trading 0.27 percent up at $ 25.91 an ons.