Gold and silver futures prices in India continue to fluctuate amid mixed global signals. Today, February gold futures on MCX declined by 0.03 per cent to Rs 49,328 per 10 grams, while silver futures fell by 0.22 per cent to Rs 65,414 per kg. After the steep fall on Friday, the price of gold had risen 0.7 per cent in the previous session. Gold is down about Rs 7,000 from August’s high of 56,000.
Price is so much in international markets
Gold rates rose in international markets today, but the strong US dollar kept it within a narrow range. Among other precious metals, platinum rose 2.3 percent to $ 1,055 and palladium gained 0.3 percent to $ 2,378.
The swearing-in ceremony of the newly elected US President Joe Biden will take place on 20 January. On this day, he will take the oath of office. Joe Biden will outline the stimulus package on Thursday. Many analysts believe that gold may find support at lower levels as the stimulus could help pave the way for an increase in inflation, against which gold is seen as a hedge.
Geojit Financial Services said in a note, ‘Global equity is on the rise and it is expected that Kovid-19 may soon come under control as many countries have started vaccinations. In such a situation, the safe haven demand for gold and its price will be affected. However, fresh fiscal stimulus measures and a multi-year weak dollar in the US are supporting the metal at lower levels.
Fast growing investment in Gold ETFs
The economic slowdown due to the Corona virus epidemic and the slowdown in the US dollar increased investors’ interest in gold-based exchange-traded funds (ETFs) as safe investments in the year 2020. T
Sovereign Gold Bond Scheme open to investors
Investors can buy gold at a much lower price than the market price under the Sovereign Gold Bond scheme. The scheme is open for only five days (from 11 January 2021 to 15 January 2021) . That is, if you buy 10 grams of gold, then it costs Rs 51,040 and if the gold bond is purchased online, then the government gives an additional rebate of Rs 50 per gram to such investors.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.