24-carat gold has become expensive by Rs 2256 so far in April, while the price of silver has risen by Rs 4068.
In the year 2020, due to the Corona crisis, gold gave a return of 30 percent. It saw a steady decline in the first three months of this year. Once again the cases of Corona have started to increase, due to which the process of speeding has started. According to the information available on IBJA’s website, the price of 999 purity, which is called 24 carat gold, was Rs 46446 per ten gram in the last trading session of this week. On March 31, the price was Rs 44190 per ten grams.
In this way, 24 carat gold has become expensive by 2256 rupees so far in April. If you talk about silver, the price of 999 purity silver was Rs 66930 per kg on the IBJA website in the last trading session of this week. On March 31, the price was 62862 rupees. In this way, the price of silver has risen by Rs 4068. Despite the rise in price, gold and silver are still much cheaper than the all-time high of August 2020.
In August 2020, gold had reached the level of Rs 56126 per ten grams and silver Rs 75013 per kg. Gold is still behind Rs 9680 and silver 8083 rupees from August high. Although market experts say that as the cases are increasing, it will continue to boom. Ajay Kedia, director of Kedia Capital, says that gold could be 50 thousand again by June.
Gold delivery on MCX saw a decline in the last trading session of the week. Gold for June delivery fell by Rs 228 to Rs 46610 per ten gram level. Similarly, gold for August delivery fell by Rs 245 to close at Rs 46,824 level. Silver has also declined. Silver for May delivery was down by Rs 540 to Rs 66961 and July delivery by Rs 467 by Rs 68051 per kg.
Whenever there is a fall in the bond yield, the price of gold rises. The US 10-year bond yield closed at 1.662 percent this week. On March 31, it was 1.744 percent while on March 30 it once reached 1.77, which is the highest level since January 2020. In the case of Corona, the pressure on the yield is increasing in the middle of the boom and it is seen to decline continuously.