Good news! Ahead of wedding season, gold prices see huge fall in just 20 days, silver also becomes cheaper
With the arrival of wedding season in April, the prices of gold and silver are expected to rise again from the month of March itself. But if we talk about February, there has been a tremendous fall in gold prices in just 20 days. Gold prices have fallen by up to Rs 3,292 per 10 grams in just 20 days before the wedding season. At the same time, when talking about the prices of silver, at this time silver has become cheaper by Rs 7,594 per kg as compared to last year’s price.
In the bullion market, the prices of gold and silver are based on futures trading. In the real market, the prices of gold and silver do not remain exactly equal but remain back and forth. Let us now explain how gold has performed in bullion in the last one week. If Gold has fallen by Rs 3292 per 10 grams in the last 20 days, then in the last one week this decline has been up to Rs 1285 per 10 grams. At the same time, the price of silver has been marginally higher than the previous week. Silver has registered an increase of Rs 37.
Difference in price of gold between February 15 – 19
Gold price was highest in Delhi’s Sarafa Bazar on August 7, 2020, when gold touched all-time high of Rs 56,254. But speaking of last week, on February 12, 2021 Friday, when the gold trading closed in the evening, the market closed at Rs 47,386 as compared to the market opening at Rs 47,528 in the morning. That is, gold was cheaper by Rs 142 on February 12. On February 19, the gold rate came down to Rs 46,101 per 10 grams. That is, a fall of Rs 1285 was recorded in a week.
Difference in price of silver between February 15 – 19
On August 7, 2020, silver had reached Rs 76,008 per kg. But on February 19, silver closed at Rs 68,414 per kg. A week ago on February 12, silver was Rs 68,377 per kg. In this way, the prices of the week increased by Rs 37, but it has fallen by Rs 7594 per kg annually. Official figures of gold and silver prices have been taken from Indian Bullion Association.
Gold prices depend on global conditions
The demand for gold in India always remains, but its price depends on the global market. On the one hand, the whole world was fighting the COVID-19 pandemic throughout 2020, and on the other hand gold was continuously making a record. In the year 2020, the gold price had increased by 30%. There was an increase of around 25% globally. In fact, due to the COVID-19 pandemic, investors had invested more in bullion than the stock market.