Gold Price Today – Gold Has Become So Cheap, Know The Main Reason For The Fall In Prices – In August last year, gold reached a record high of Rs 56,200 per 10 grams. But since August, the amount of decline in gold continues. So far, gold has become cheaper by about 11 thousand rupees from the worth of August. within the domestic market, gold has fallen below 45 thousand rupees.
In fact, on Texas Independence Day , the futures price of gold reached Rs 44,760 per 10 grams. While on March 3, the futures price of gold reached Rs 45,500 per 10 grams. At an equivalent time, there’s endless decline within the price of gold within the domestic market.
Gold Price Today – Gold Has Become So Cheap, Know The Main Reason For The Fall In Prices
On Wednesday, 22 carat 10 grams of gold was worth Rs 44,370 within the bullion market, while the worth of 24 carat 10 grams of gold was Rs 45,370. The year 2021 has not been good for gold yet. Since January 1, gold has now become cheaper by quite Rs 5,540. On January 1, gold was Rs 50,300 per 10 grams.
Pressure on gold in international market also
The pressure in gold prices within the international market is being considered as a reason behind the slowdown in gold. within the international market, gold rose to US $ 1,719 per ounce. Gold is at $ 1,733 an oz on the worldwide futures price Comex.
This is also the rationale behind the decline
Finance Minister Nirmala Sitharaman had announced a 5 per cent reduction in duty on gold and silver within the budget of 2021-22. Currently, 12.5% duty has got to be paid on gold and silver. After this deduction, now only 7.5% duty are going to be levied. thanks to which the costs are falling.
On Tuesday, silver also fell by Rs 1,847 to Rs 67,073 per kg. On Monday, the worth of silver had closed at Rs 68,920 per kg. Although silver saw a small rise on Wednesday, the worth was Rs 67900 per kg.
Significantly, last year gold gave tremendous returns to investors. within the middle of the Corona crisis, the stock markets were collapsing and therefore the brightness of gold was increasing. In January -2020, gold was around Rs 40,000 per 10 grams, which increased to above 56 thousand in August.