Connect with us


Gold prices drop ₹1000 this month, silver surges ₹3,000 in 2 days

Gold and silver prices jumped on Friday in Indian markets, tracking firm global rates. On MCX, gold futures rose 0.8% to ₹49,330 per 10 gram, narrowing losses for the month. On a monthly basis, gold prices fell about 2% or ₹1,000 amid wild swings. Silver futures on Friday jumped 3.2% or ₹2,170 to ₹69,765 per kg following a big surge in global rates.

In global markets, on Comex, silver prices rose 4.3% to $27.06 an ounce on Friday after messages on Reddit urged retail investors to pile into the market in an attempt to push prices higher. Gold rose 0.4% to $1849.8 an ounce.

In India, silver prices have surged 3,000 per kg in just two days tracking a jump in global rates.

Back in India, the issue price for latest sovereign gold bond tranche has been fixed at ₹4,912 per gram of gold, with a discount of ₹50 per gram to those investors applying online and the payment against the application is made through digital mode.

The Sovereign Gold Bond Scheme 2020-21 – Series XI opens for subscription on February 1 and closes on February 5, 2021.

The previous tranche of sovereign gold bonds (Series X) that were open for subscription from January 11 to January 15, 2021 was ₹5,104 per gram of gold. Sovereign Gold Bond 2020-21 is issued by Reserve Bank India on behalf of the central government.

“Gold prices have been under pressure due to the rise in US treasury yield and subdued buying activity by Gold ETF investors. Delay and lack of clarity on the next installment of the US stimulus package have pushed yields higher, reducing the investor appetite for the yellow metal. Moving forward, the amount of stimulus package from the US government, effective implementation of vaccination process and pick up in economy across the globe will guide gold prices,” said Nish Bhatt, Founder & CEO, Millwood Kane International. In August gold had hit a record high of ₹56,200 in Indian markets.

Global equity markets sank on Friday amid a growing battle on Wall Street between hedge funds and retail investors, while a dispute over COVID-19 vaccine supply in Europe cooled risk appetite. Anxiety has grown as investors ask whether hedge funds will need to liquidate other positions to address losses in stocks they have shorted, say analysts.


Continue Reading


Covid-19 Updates (India)

03 Mar 2021, 5:53 AM (GMT)

Coronavirus Stats

11,139,516 Total Cases
157,385 Death Cases
10,812,044 Recovered Cases




Subscribe to our newsletter

Please wait...
Want to be notified when our article is published? Enter your email address and name below to be the first to know.


Total Users : 478922
Views Today : 3481
Total views : 3236284

Copyright © 2020 JK Media. Powered by Rodiex