New Delhi: Gold in the spot and futures markets of the country remained soft for the fourth consecutive session on Monday, but all the fundamentals of the expensive metal are strong in the Corona period, due to which gold in domestic and international markets can reach new heights this year. While the upcoming festive season might fade in the coronary period, it is expected that the yellow metal price may cross the psychological level of Rs 52,000 per 10 grams by Diwali, given the investor demand in gold.
On July 1 last week, gold had soared to Rs 48,982 per 10 grams on the Indian futures market Multi Commodity Exchange (MCX), which is a record level so far, while the gold spot in the domestic spot market has broken the Rs 50,000 per 10 gram level.
At the same time, gold prices are being speculated to go up to $ 2000 an ounce in the international market. Last week, on July 1, gold rose to $ 1807.70 an ounce in the international market, which is the highest level since September 21, 2011 when gold was at $ 1812 an ounce, while gold on Comex rose to a record level of $ 1911.60 on September 6, 2011. The ounce was sprung.
According to Kedia Commodity Director Ajay Kedia, all fundamentals in gold are strong at the moment and spot demand also remains strong, leading to the price of Sone breaking Rs 52,000 level on MCX till Diwali, while $ 2000 an ounce on Comex Can touch the level of.
When asked about the reasons for the slowdown in gold for the last four days, Kedia said that the strength of the rupee in the domestic market has put pressure on the price of gold, while the softening in the international market has led to good economic data in America. The arrival indicated signs of recovery in economic activity affected by Corona. However, it is transient and will remain bullish in the long term.
The traders of the bullion market of the country also predict that gold will continue to rise this year. India Bullion and Jewelers Association (IBJA) National Secretary Surendra Mehta said that without GST (Goods and Services Tax) 24 karat gold price would cross Rs 52,000 per 10 grams in the spot market till Diwali. However, above this level the price of gold will not last long and the price will break soon. He said that the main reason for the rise in gold is the reduction in interest rates by central banks across the world in the Corona period, due to which investment demand in gold remains.
However, Shanti Bhai Patel, president of the Gem and Jewelery Trade Council of India (GJTCI), expects more gold to rise. He says that at this time there is more investment demand than the demand for gold jewelery, which will remain in the current crisis.
Patel said that gold reached close to Rs 51,000 per 10 grams last week. In such a situation, it is not difficult to go up to Rs 55,000 per 10 grams due to heavy demand for Diwali and Dhanteras. However, GST is attached to the quote Patel mentioned. Gold attracts a three per cent GST.