Gold-Silver Price Today 8th July 2020: Gold-silver prices saw a big jump today. Today gold has created a new history, reaching an all-time high of Rs 49122 per ten grams. Let us tell you that the spot price of 24 carat gold in the bullion markets across the country jumped by Rs 510 per 10 grams to open at Rs 48954 and in the evening it reached Rs 49122. The gold rate jumped by Rs 678 per 10 grams today. Earlier, on July 1, gold reached Rs 48,980. On the other hand, silver rose by Rs 1270 per kg to Rs 50140 today. On Wednesday, gold rose 0.05 per cent to $ 1810.80 an ounce for the first time since 2011, globally. For the first time in the last nine years, gold has broken the level of $ 1800 per ounce.
Gold price rise
Due to strong spot demand, speculators bought fresh deals, on which gold prices rose by Rs 88 to Rs 48,888 per 10 grams in futures trade on Wednesday. In August, gold for delivery in MCX rose by Rs 88, or 0.18 per cent, to Rs 48,888 per 10 grams, with a turnover of 11,200 lots. Market analysts said fresh buying by traders mainly led to rise in gold prices. Globally, gold rose 0.05 percent to $ 1,810.80 an ounce in New York.
8 July morning rate
|Metal||July 8 rate (Rs. / 10 gms)||July 7 rate (Rs. / 10 gms)||Rate change (Rs / 10g )|
|Gold 999 (24 carat)||48954||48444||510|
|Gold 995 (23 carat)||48758||48250||508|
|Gold 916 (22 carat)||44842||44375||467|
|Gold 750 (18 carat)||36716||36333||383|
|Gold 585 (14 carat)||28638||28340||298|
|Silver 999||49781 Rs/Kg||48870 Rs/Kg||911 Rs/Kg|
Gold becomes a guarantee of better returns
Since 2001, gold has given a return of 13 percent per annum. In the last 15 years, gold has given a profit of 14.7 percent per annum. In the last 10 years, gold has given a profit of 10.1 percent per year and in the last five years, 12.8 percent per year. At the same time, gold has given 55% return in two years, its price has increased by 24% in the last six months.
Why gold prices are increasing
Let us tell you that there has been a steady decline in the rupee against the dollar in the past years and this has also led to a rise in the price of gold. With the country entering a difficult economic phase, the rupee is likely to remain depreciated against the dollar. US stocks affect the stock markets around the world, so if US stocks go down, it is good news for gold. At the same time, interest on fixed deposits has come down. Other interest rates are also likely to remain low, as the bank’s loan growth will decrease further in the coming years. The BSE Sensex, India’s leading stock market index, is down nearly 16 percent from the high it had achieved in mid-January earlier this year. Also, the stock index has been very volatile.
On January 14, it reached a high of 41,952.63 points, but by 23 March there was a dramatic decline of up to 38 percent, drastically reducing the gains from stock investment. Ajay Kedia, director of Kedia Commodities, says that the corona virus infection is increasing rather than decreasing. Due to this uncertainty in the stock markets, real estate is also affected. This round seems to be the safest gold for investors. Investors have moved towards gold, gold ETFs and bonds. This is the reason why gold rates are increasing.
When will gold be cheaper
When will gold be cheaper? On this question, Kedia says that the price of gold will fall only when a corona vaccine arrives in the market and it is also successful. Apart from this, if India and China do not buy gold, the price may be lower. Even then gold will not go below 44000. This correction can appear when the corona vaccine arrives.
According to Rajesh Khosla, media in-charge of the India Bullion and Jewelers Association Delhi, ibja shows the average price of gold and silver from 14 centers across the country. Khosla says that the current rate of gold-silver or, say, the spot price may be different at different places, but there is a slight difference in their prices.