- Budget cuts have been negative for gold.
- Gold has fallen by nearly 3,000 in the last three weeks.
- Gold and silver started bullish today, Monday morning.
Commodity markets started bullish today on gold and silver. Today, gold has risen by Rs 132. Silver, on the other hand, gained Rs 500. Gold had closed at Rs 46,190 at the close on Friday. This was the lowest Gold Rate in the last eight months.
Budget cuts have been negative for gold. There is an opportunity for consumers to buy gold. In the budget presented on February 1, Finance Minister Nirmala Sitharaman had announced a 5 percent cut in import duty on gold. Since then, gold has continued to decline. Gold has fallen by nearly 3,000 in the last three weeks.
According to the website Good Returns, the price of 22-carat gold in Mumbai today is Rs 45,130. The price of 24-carat gold is Rs 46,130. In Pune today, gold is priced at Rs 45,130 for a 22-carat and Rs 46,130 for a 24-carat.
The price of 22 carat Gold Rate in Delhi is Rs 45,420. It is priced at Rs 49,450 for 24 carats. In Chennai, the price of 22 carats is Rs 43,780 and the price of 24 carats is Rs 47,760. In Kolkata, 22-carat gold is priced at Rs 45,570 and 24-carat gold is priced at Rs 48,320.
At the Multi Commodity Exchange, gold rose by Rs 120 to Rs 46,317 per 10 grams on Monday. Silver, on the other hand, gained Rs 471 per kg The price of silver 69483. Gold had lost Rs 320 on Thursday. Gold had closed at Rs 45,867. Silver also gained marginally by Rs 28. Silver also closed at Rs 68,283 per kg. Gold prices rose marginally on the MCX on Friday. At the close on Friday, gold had gained Rs 64 to close at Rs 46,190. Silver also settled at Rs 68,914. It had increased by Rs 420.
Gold for immediate delivery traded at १७ 1,780.86 an ounce on Friday. It increased by 0.3 percent. Earlier in the day, gold prices fell on Wednesday. Gold was down to ५ 1759.29. Spot gold rose 0.1 percent to १७ 1,777.40 an ounce.
What experts say …
According to Navneet Damani, a commodity analyst at Motilal Oswal Financial Services, the rise in the value of the dollar and rising bond yields have pushed gold prices lower. The benchmark U.S. Treasury is at an all-time high last week.