Mumbai . During the Corona period, the price of silver in the country doubled, while gold is constantly touching new heights. In the domestic futures market, silver rose to Rs 66,164 per kg on Monday, which is almost double the price of March 18. While silver has more than doubled in the international market. Gold on MCX also crossed Rs 52,000 per 10 grams on Monday. Gold prices have also risen about 36 percent since March 16.
Due to the rising outbreak of coronavirus infection, silver mining has been disrupted and industrial activities in various countries of the world are back on track, with the expectation of increasing industrial demand for silver, its prices have been steadily rising. In the international market, silver fell below $ 12 an ounce on March 18, while silver is currently trading above $ 24 an ounce on Comex.
The country’s largest futures market Multi Commodity Exchange (MCX) was trading at Rs 64,653 per kg, up by Rs 3,430, or 5.60 per cent, from the previous session in the September contract of silver at 18.30 pm, compared to the previous silver price of MCX. But it rose to Rs 66,164 per kg during trading. During the Corona period, on March 18, the price of silver was broken by Rs 33,580 per kg on MSX, after which the prices have almost doubled.
Gold futures on MCX were trading at Rs 51,847 per 10 gram, up by Rs 812, or 1.59 per cent, from the previous session’s closing, while gold rose to Rs 52,220 per 10 gram before that. Has a record level of. The price of gold was Rs 38,400 per 10 grams on March 16, 2020, after which it has gained 35.94 percent.
Commodity market analysts point out that concerns about the growth rate of the global economy due to the growing case of corona infection have led investors to a safer investment mode, hence the rise in the price of expensive metals.
On the international futures market Comex, gold in August futures contract was trading at $ 1931.55 an ounce, an increase of $ 34.05, or 1.79 per cent, from the previous session on Monday, while earlier gold rose to $ 1941.65 an ounce. But gold futures have a new record.
At the same time, the spot price of gold rose to $ 1945.26 an ounce in the global market, which is a new record. Earlier, the spot price of gold in the international market was at a record level of $ 1,921.17 per ounce. Thus, gold has broken all records so far in the Corona era.
The September contract for Comex was trading at $ 24.405 an ounce, up $ 1.55, or 6.81 per cent, from the previous session in silver, while silver rose to $ 24.797 an ounce before trading on Comex. On March 18, the silver price on Comex was broken up to $ 11.68 an ounce.
Bullion market experts point out that mining operations have been hampered due to rising Corona virus infection in Mexico, which is expected to reduce silver supplies, while industrial demand is expected to increase further in the coming days.
Anuj Gupta, deputy vice-president of Angel Broking, said that gold has been supported by the weakness in the dollar. The dollar index, indicative of the strength of the dollar against the world’s six major currencies, was at 100.43 on May 18, which has slipped to 93.76. The dollar index has been weak for the past seven sessions.
Ajay Kedia, director of Kedia Advisory, said that due to the deepening outbreak of Corona, there is a concern about the growth rate of the global economy and there is an environment of volatility in the stock market, due to which the trend of investors, however, is towards safe investment. The reason is that there is a continuous upward trend in the price of expensive metals. He said that there is an atmosphere of concern in the market due to the huge increase in cases of coronavirus infection.
According to market analysts, bullion, however, is being supported by geopolitical tensions arising from the havoc between Corona and the US-China conflict.
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