The yellow precious metal which crossed all-time high during the last quarter of 2020, is now on an ascending trend. On January 11, the market opened at 49,500 but by afternoon 1.38 pm it went up to Rs 50,000 per 10 grams.
Today the gold rate was stable at Rs 49,300 per 10 grams. The majority of the bullion traders of the city were of the opinion that in India, most investors and consumers are looking for a decline in the price of the precious metal to make meaningful purchases. With stocks already scaling lifetime highs, investors are increasingly looking at increasing their exposure in the precious metal. Any sharp dip in gold prices may lead to some support emerging at lower levels. Most analysts see the possibility of gold remaining steady at these levels and climbing, should there be a bad news.
Kishor Dharashivkar, President of Nagpur Sarafa Association and Team CAIT Nagpur, while talking to The Live Nagpur said, as the vaccination drive is started, people are feeling confident and our coming out for purchase. Even those holding gold, may want to come back in the market as the fear of Corona is getting out of peopleâ€™s mind.â€
Dharashivkar felt that it is a temporary correction and the rates may go all-time high. â€œItâ€™s a handful of players that seems to manipulate the price, but as Russia purchased a huge stock of gold, the stock is now dumped, and out of the rotation. There should be a rise in the price of gold. I think after a short period it may go to all-time high,â€ Dharashivkar opinioned.
Bharat Seth, Director of Batukbhai added that gold is always considered as heavenâ€™s investment. â€œWhen the normal condition starts, there is always a correction in the gold price. As the uncertainties Situation all over the world is getting cleared, the volatility of gold price will now settle and it will be stable at around Rs 46000 per 10 grams in near future,â€ Seth said.
He added that the footfalls of the customers are increasing in jewellers shop. â€œThe ratio of new Corona patients has come down to just 10 percent in the city. People are now back to their routine life, which is also an indication of normalcy returning, so the rate will be stable after some period,â€ Seth clarified.