Gold Buying Time: July is about to end and with this, there has been a huge fall of up to 4 percent in the price of gold this month. You must be knowing the reason for the fall in the price of gold and silver in the country that the custom duty on gold and silver has been reduced in the budget, after which the prices of precious metals have fallen. Apart from this, there are constant concerns about the demand for gold and silver from neighboring country China, due to which gold imports in India will be cheaper. Overall, this seems to be a good opportunity for gold buyers and investors because the prices are coming down in the country. We are telling you what is the right time to buy gold.
How are the prices of gold and silver today
Today, the prices of gold and silver have increased in the bullion market. In the commodity market, both gold and silver are trading higher today. Gold has become costlier by Rs 264 on the Multi Commodity Exchange and is available at the rate of Rs 68450 per 10 grams. In the last trading session, it closed at Rs 68186. These are the prices of its August futures.
The shine of silver increased a lot on MCX
Silver has become costlier by Rs 769 on MCX today and is being sold at Rs 82140 per kg with a jump of about one percent. Its previous closing price was Rs 81371 and today it had gone down to the rate of Rs 81681 per kg.
Know the important points related to the gold rate
- In the beginning of July, the rate of gold in the domestic market was Rs 71,600 per 10 grams.
- In the same month, it had reached a high of Rs 74,730 per 10 grams.
- In just 28 days of July, the price of gold has fallen by a total of 4 percent, out of which a fall of Rs 4000 alone came on the day of the budget i.e. 23 July.
- After the decision of Finance Minister Nirmala Sitharaman on the day of Budget 2024, gold fell sharply and last week it had gone down to Rs 67,400 per 10 grams.
Gold and silver rates in the international market today
In the international commodity market today, spot gold has risen by $12.70 or 0.52 percent to reach $2440.25 per ounce, which is the rate of its December contract. Silver rate on Comex is at $28.207 per ounce, with an increase of $0.192 or 0.69 percent. These are the rates of its September contract.
What is the opinion of the experts
Commodity experts believe that the recent fall in gold is a good time to buy it and this is a good opportunity for both gold buyers and investors. On Livemint Kedia Advisory Of Director Ajay Kedia has said that there is every possibility of the US Federal Reserve cutting interest rates in the coming times as the Fed Chairman has already indicated. Along with the change in interest rates, the US Dollar Index will see a softening. Apart from this, there is also a danger of increasing global geo-political tensions like Iran, Israel, Gaza. Due to the festive season and weddings in India, there will be a huge increase in the demand for gold and its effect will definitely be seen on the price of gold. Experts believe that this is a good opportunity to buy the golden metal gold.
What is the expert outlook on silver
Due to weak data from China, there is a possibility of weakness and disappointment in the silver market. Apart from this, a significant increase is being seen in the gold-silver ratio, due to which it has come to the level of 85. Due to these reasons, it seems that there will be more buying and profit in gold than silver and gold will outperform silver in the future.
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