1.3 percent in gold prices and 4 percent jump in silver prices has been recorded.
The strength of the rupee against the dollar and the announcement of a stimulus package by US President Donald Trump has led to the rise in gold prices. At the same time, for the seventh time in India, Sovereign Gold Bonds is being opened for subscription.
- Last Updated:October 10, 2020, 7:14 PM IS
No big rise or fall in gold expected till Diwali
Experts say that gold prices may remain in a range in the coming days. There is no possibility of any major rise or fall in gold prices till Diwali. Even on Diwali, gold can remain in the range of 50000-52000 per 10 grams. Geojit Financial Services says that due to the fall in the dollar, gold prices are showing an impact. Gold prices in MCX are increasing according to international prices.
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In the US, gold futures closed 2 percent higher at $ 1,925 an ounce on Friday. Meanwhile, the dollar fell 0.7 percent amid expectations of Joe Biden’s victory. Gold shortages have increased 26 percent this year due to lower interest rates in the US and currency printing by the Central Bank to reduce the impact of the corona virus on the economy. If the dollar falls further, then the price of gold in India is sure to rise.
New Silver Prices (Silver Price, 8th October 2020) – Like gold, silver prices have also seen a rise. On Friday, one kg silver futures rose by Rs 2,500 or 4 per cent to Rs 62,955. At the same time, silver closed at Rs 62,159 per kg in Delhi bullion market on Wednesday just a day before that.
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Sovereign Gold Bond opens for the 7th time on Monday
The subscription for Sovereign Gold Bond will be opened for the seventh time in India on Monday. Reserve Bank of India (RBI) said that the issue price has been fixed at Rs 5,051 per gram of gold. Generally, the issue price of gold bond is determined on the basis of the average closing price of gold in the last three days with a purity of 99.9%. Investors applying online and digital payment for subscription will get a discount of Rs 50 per gram. For such investors, the issue price will be Rs 5,001 per gram.