Gold Rate In Diwali Time

 Gold: Gold prices fall sharply in domestic markets before Diwali, find out what's new

Gold and silver prices are falling sharply amid good news about the corona virus vaccine. Gold rates in the global market have reached a 7-year low. However, there is a recovery at present.

Gold Rate In Diwali Time

Gold and silver prices are falling sharply amid good news about the Corona virus vaccine. Gold rates in the global market have reached a 7-year low. However, there is a recovery at present.

Gold became cheaper in the domestic market

The impact of the Macheli upheaval in gold prices in global futures markets was also felt in India's domestic market. On Tuesday, gold fell by Rs 662 per 10 grams to Rs 50,338 in Sharafa market. At Delhi's Sharafa market, silver fell by Rs 1,431 to Rs 62,217 per kg. Silver closed at Rs 63,648 per kg on Monday. Tapan Patel, a senior analyst at HDFC Securities, says the correction in gold prices in India could boost its buying ahead of Dhanteras.

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Gold will still be cheap

Experts say that in terms of percentage in one day, gold has declined the most since 2013. Gold prices in the Indian market may fall more rapidly at present. Prices are likely to fall by 5-7 percent from the current level. Because the Indian rupee is also steadily strengthening.

Why is gold so cheap?

The biggest reason for gold to become cheaper is the announcement made by the American pharmaceutical company Pfizer about the corona vaccine. Pfizer has announced that its drug is 90 percent effective in treating corona virus. Pfizer says it will seek approval from the USFDA soon for its vaccine. Pfizer hopes work on the vaccine will be completed this year.

Gold and silver prices in the futures market

Although gold and silver are cheaper in the Sharafa market, the futures market witnessed a rally in both the precious metals on Tuesday. December gold futures on MCX rose by Rs 725 to Rs 50,473 per 10 grams. Meanwhile, silver for delivery in December rose by Rs 2,145 to Rs 62,999 per kg. That means gold and silver have largely covered the sharp fall in the futures market on Monday.