The gold price is on the high surge with high times and it is also expected that the gold price can reach beyond Rs 50,000 mark per 10 grams of gold in coming days. The price has already reached by Rs 45,063 per 10 grams on Monday.
However, silver prices fell by Rs 710 to Rs 47,359 per kg in the spot market on Monday.
Talking about the futures market, gold on MCX has reached Rs 44,712 per 10 grams. If the boom is similar, then the futures price of gold can go up to Rs 48,000 till Diwali, while the spot price can also touch Rs 50,000 per ten-gram level.
There are various reasons for the high price of gold and some of the major reasons for the surge in price is the outbreak of deadly Coronavirus, sharp fall in crude oil.
According to Tapan Patel, Senior Analyst (Commodity), HDFC Securities, gold prices are rising due to a sharp fall in crude. Crude was broken more than 30 per cent on Monday, while, due to coronavirus, there is already a crisis in the worldwide market. This is the reason why gold is preferred as a safe investment. In the international market, gold has reached $ 1680 per ounce.
At the same time, Anuj Gupta, Deputy Vice President (Commodity and Currency), Angel Broking, says that due to fears of an economic slowdown in the world, festive demand will increase in the coming days. It is clear from the package given to the Chinese government that the economy is under pressure. This is believed to increase the demand for gold as a safe investment. By Diwali, gold on the futures market MCX can show a level of Rs 48,000 per ten grams. At the same time, gold prices in the spot market until Diwali can reach Rs 50,000 per ten grams.
