Every sector has seen a downturn during the lockdown amid the Corona crisis. Meanwhile, the price of gold and silver has skyrocketed. Gold and silver prices peaked in August 2020 after a lockdown . Since then the situation has improved and investors have turned to another option. Now with the advent of the corona vaccine and the start of the vaccination campaign, the price of both precious metals is starting to fluctuate a lot. Since August 2020, the price of gold has fallen by more than Rs 10,000 per 10 grams. Silver also fell by close to Rs 10,000 per kg.
Gold hit a record high of Rs 56,200 per 10 grams in August 2020 amid the Corona crisis. Meanwhile, silver touched a high of Rs 77,840 per kg. In the Delhi bullion market, the price of gold reached Rs 46,390 per 10 grams on February 13, 2021. At that time, silver has reached Rs 67,894 per kg. Gold has been making consistent leaps over the past few years. To put it bluntly, gold prices have fallen by Rs 9,810 per gram and silver by Rs 9,946 per kg since August 2020. Gold has risen 28% in the last year. There has been a double digit increase in 2019.
The dollar index trades with gold-silver
Gold prices fell by Rs 457 to Rs 46,390 per 10 grams on February 13, 2021. Silver also fell by Rs 347 to Rs 67,894 per kg. Silver was at Rs 68,241 per kg on the Multi Commodity Exchange in the last trading session. Gold, however, declined by Rs 661 to close at Rs 46,847 per 10 grams. Gold traded flat at સપા 1,815 an ounce and silver at 26 26.96 an ounce. Tapan Patel, a senior analyst at HDFC Securities, said the price of gold trades with the dollar index weakening.
Big upheaval from the announcement of deductions in income charges
Finance Minister Nirmala Sitharaman has announced drastic cuts in income tax on gold and silver in the budget presented for the financial year 2021-22. Gold and silver have seen a 5% reduction in income charges. Gold and silver are currently subject to 12.5% income tax. Only 7.5% import duty has to be paid after 5% deduction. The announcement has been followed by a series of major upheavals in gold and silver prices. It may be mentioned that on February 1, 2021, gold has declined by Rs 1324 to Rs 47,520 per 10 grams. However, silver gained about Rs 3,461 to Rs 72,470 per kg.
Strong profits can be made by investing at current levels
The increase in gold this year as compared to previous years could cross the Rs 60,000 per 10 gram level. According to experts, investing in gold at current prices could give people a strong return if the forecast stays true. Experts say that in 2020, due to the uncertain economic environment caused by the Corona crisis, people invested more money in gold as the safest investment option and its price increased. However, the arrival of the corona vaccine and the boom in economic activity have led to a decline in gold prices.
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