Monday, December 11, 2023

Will gold again cross 56,000 amid Corona’s second wave, the right time to invest?

By the end of December 2020, the rate of corona infection in the country had started to decline. At the beginning of 2021, the glow of the dollar and US bonds started to fall apart again, this put pressure on gold, and its brightness started to fade. In April 2021, its price went down to Rs 45,000 per 10 grams. But now it is showing an edge again. 

Ever since the second wave of Corona started spreading in April, gold prices have been witnessing a steady rise. Its price on MCX is currently running above Rs 47,000 per 10 grams. In such a situation, experts believe that gold prices can once again go to new heights. But why are gold prices increasing? 

Gold has always been considered a safe investment. Whenever the crisis of economic crisis is seen around the world, then investment in gold increases. Manav Modi, an analyst at Motilal Oswal, says, “Increased cases of the corona, repeated attempts to increase liquidity in the market, fears of rising inflation, the rising debt burden on major economies of the world, tensions in West Asia and the US and Trade wars between China are some of the factors that are continuously strengthening people’s perception of investment in gold. Gold prices are also increasing due to this.

According to Motilal Oswal Investment Services, the price of gold has also been seen at the international level in the last few months. Recently, it recorded a further increase, its price on the commodity exchange COMEX reached $ 1,800 per ounce (calculated at Rs. 46,540 per 10 grams). Manav Modi says, “In the coming days, he hopes for gold to reach new heights. It looks likely to go from $ 2,050 per ounce (Rs 53,000 per 10 grams) to $ 2,200 per ounce (Rs 56,800 per 10 grams). ‘ 

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In the Indian market, the price of gold is fixed in grams. While in the international market its price is fixed in ounces. There are actually 28.3 grams in one ounce, but to simplify the calculation, it is often set to 30 grams. Similarly, in the Indian market, the price of gold is determined on the basis of weighing, to simplify the calculation, a measure of 10 grams is taken in a weighment, whereas in reality, weight is 11.66 grams. 

Manav Modi says that fund managers can sustain the rise in gold prices through investment. This is a good level of gold in the domestic market after the decision made on the duty on gold in the budget. It is moving towards touching the figure of Rs 50,000 immediately and may remain at a new high of 56,500 or more in the coming 12 to 15 months. 

Kshitij Purohit, head of Commodity and Currency, CapitalVia Global Research, says that gold could touch Rs 51,700 per 10 gram in the next month. In such a situation, it is the right time for investors to invest in gold and hold a little. In the medium to long term, it can give them better returns. 

Investors can buy gold or invest in digital gold if they want. But apart from this, there are many options also. The first installment of the Sovereign Gold Bond Scheme for 2021-22 will open from May 17 to May 21. The Reserve Bank of India has fixed a price of Rs 4,777 per gram for this time. A discount of 50 rupees will also be available on digital payment. These bonds come with a lock-in period of 5 years and a maturity period of 8 years. At the time of being sold, along with the price of gold, it also gets an interest of 2.5% per annum. 



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