Gold, Silver Prices Expected To Fall Further. Is It The Right Time To Buy? Check What Experts Suggest
Gold Price Today: Gold futures which peaked at the height of the pandemic in 2020 have declined around 20 per cent from the record highs. The precious metal remained under pressure throughout the week as the prices have gone down by Rs 12,000 since touching record highs Rs. 57000 per 10 gm. Now, the gold rates are hovering below 45,000 on the multi-commodity exchange (MCX) in the future market.
The April contract of gold futures on the MCX was at Rs 44,458 per 10 gram, lower by Rs 83 or 0.19 per cent from its previous close.
Is this the best time to buy gold and silver? What experts say
Speaking exclusively to Zee Business, expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said that if you are one of those people who have not been able to invest in gold and silver because of high prices can now do it.
Gold Price Today, 7 March 2021Nish Bhatt, Founder & CEO of Millwood Kane International, an investment consulting firm said, “After having a dream run in 2020, the yellow metal has been falling for the past few months losing more than 20 per cent in value from the highs witnessed in August 2020.
He noted that the fall in gold prices in the domestic market is in line with the international market prices post comments of the US Fed Chairman on inflation and bond yield.
“Comex gold prices fell due to the rising treasury yields that make holding gold more expensive, the strengthening of the dollar also makes gold buying expensive. Heavy outflows from Gold ETFs are also one of the reasons for the softness in gold prices,” he said.
Check Prices of 22-carat and 24-carat gold in your city
Today, the price of 22 and 24-carat gold saw a marginal rise. While Delhiites have to pay Rs 43,850 for 10 grams of 22-carat gold, Mumbaikars have to spend Rs 43,510.
Analysts expect gold prices to remain sideways in the short-term as vaccination drive across the globe picks up the pace which will lead to full normalcy in economic activities.(Source: India.com)