Gold and silver prices fell after Russia announced the Coronavirus vaccine. At the same time, due to questioning by WHO and the improvement in the dollar’s credibility, the rate of gold is seeing a lot of fluctuation this week. On August 21, gold became cheaper by Rs 346 and closed at Rs 51973. Gold has become cheaper by Rs 901 and silver by Rs 1660 in 5 business days between August 17 and 21.
Gold can be cheaper now
The US Central Bank Federal Reserve has raised good hopes for the recovery of the economy. Due to this, after the big fall in the US dollar, now there is an improvement. Its effect is visible on the bullion market i.e. gold and silver prices. Market experts believe that gold prices may fall further in the coming days. The impact of the strengthening of the US dollar will be seen on gold. Also, investors all over the world have turned to the stock market.
|The date||Morning Rate of Gold (Rs / 10g)||Evening Rate of Gold (Rs / 10g)||Morning Rate of Silver (Rs/kg)||Evening Rate of Silver (Rs/kg)|
|21 August 2020||52390||51,973.00||67390||66374|
|20 August 2020||52528||52319||66448||66153|
|19 August 2020||53424||53394||67135||67072|
|18 August 2020||54111||53815||69496||69998|
|17 August 2020||52768||52874||68159||68034|
Gold has slipped from the highest level to Rs 4281
The spot gold price in the bullion market has slipped from its highest level to Rs 4281 per 10 grams. On August 7, gold had closed at Rs 56126. This day it opened at Rs 56254, setting an all-time high record. As far as silver is concerned, during this period, silver weakened by Rs 8639 per kg. On August 7, silver closed at Rs 75013 per kg.
In the first week of August, where gold shone, silver strengthened further. On 3 August, gold closed with a new record at Rs 53976 per 10 grams and reached its peak on the last trading day i.e. 7 August. On this day, the spot price of gold closed at Rs 56126 per 10 grams. As far as silver is concerned, its spot price rose from Rs 64770 to Rs 75013 per kg during this period.
Between 10 and 14 August, both metals lost their luster. Amidst growing Corona cases, after the news of Russia launching the vaccine, investors worldwide turned away from gold and silver and both metals lost the first week on profit-booking. On August 10, the spot price of gold was Rs 55515 per 10 grams, which by August 17 had come down to Rs 2641 to Rs 52874. On the other hand, silver fell by Rs. 5840 to Rs. 67768 per kg.