Gold price in India
We are less than 1% of Gold producers in the world but the major yellow metal importers. We, Indians, consider gold as a good term of investment and money-saving. Also, post demonetization, it has become the safest mode of investment. Talking about the current gold price in India, they have fallen from 50k to 46k while a further dropdown is expected positively. It is heard that gold price fluctuations are directly proportional to demands, if the demand is high, the gold prices will eventually rise and vice-versa.
Moreover, the pandemic period proved to be the most drastic period for gold merchants as well as consumers due to the all-time high prices. As per Intraday Mcx reports and statistics, there are several rumors about the Gold price in India. Some running rumors narrate that gold prices will fall radically to some more thousands whereas the rest affirms that gold will hit 60k soon in a split of years. In spite of all the rumors, let us evaluate the parameters responsible for price rise:
Demand and Supply plays a major role in influencing gold price everywhere around the globe. As we discussed earlier, the gold price in India has a direct relation with the demand, they both respond simultaneously. And another factor for price increase could be the supply, the scarcity escalates prices upwards.
It is pretty simple to understand that we always look for profit in terms of business and when we come to know that the market started losing interest rates, we tend to buy more gold and invest our deposited money into gold stocks. Similarly, when the gold rate surges we sell out our gold to earn huge profits from FDs, RDs, etc.
We are the second-biggest consumer of gold in the world, therefore, to meet the high demands, the gold is imported in tonnes and thus the import duty is also responsible for the gold price hike in India. Due to the all-time highest hit in 2020, the gold consumption in India has decreased to several hundred tonnes.
Another important factor is the currency fluctuations, as we know, the most precious yellow bullion is estimated in the standard USD currency. Hence, when the stock market fluctuates, the INR and USD fluctuate inversely, resulting in price changes.
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