Gold prices started this month on a positive note after falling 2% last month. At MCX, gold futures increased by 0.5% to, 5 49,566 per gram. However, the future of silver in the MCX has risen by 6% to about ₹ 74,000 per kg, following a recent rise in world standards following the GameStop style crash. Postings began to spread on Reddit urging commercial investors to buy stocks in silver mines and ETFs supported by visible silver bars.
Every month, gold prices dropped by about 2% or ₹ 1,000 during the January exchange.
In global markets, real gold has risen 0.3% to $ 1,852.35 per ounce while silver prices have risen to 7.4% to rise over a six-month high. Spot silver has hit its highest since August 11 at $ 28.98 per ounce.
Indian Government Scheme Emperor Gold Bond Scheme 2020-21 – Series XI is open for registration today. The case closes on February 5. The price of the latest gold bond is set at ₹ 4,912 per gram of gold, with discount of ₹ 50 per gram for online investors and payments against the application are made in digital mode.
In the book, Geojit analysts say gold could provide stable performance but reduce energy by 2021. The continued demand for gold as an intangible asset in the midst of ongoing uncertainty, and the return on consumer demand is expected to support its prices this year. It will attract investment in the demand for safe gold, to address low consumption.
Finance Minister Nirmala Sitharaman will today announce the State Budget for 2021-22. Gold traders will be watching for any announcement about import duty. Gold prices in India include import duty of 12.5% and 3% GST.
Gold traders will also look at any progress in American promotions. Ten Republican senators have proposed another Covid-19 renewal plan worth about $ 600 billion.
Prior to the virus, diseases continued to show a decline in other parts of the world, including the U.S., but concerns still remain with new variations.