The coronavirus pandemic has hit all industries globally. The gold industry is no different. After a drop of Rs 4 on September 9 the prices are up by Re 1 per gram on September 10.
The price of 10 grams gold of 24 karat purity in metro cities is as follows:
Delhi – Rs 54,610
Mumbai – Rs 50, 510
Chennai – Rs 53,560
Kolkata – Rs 53,110
Bangalore – Rs 52, 910
Have a look at the price of the same amount of gold with 22 karat purity:
Delhi – Rs 50, 060
Mumbai – Rs 49,510
Chennai – Rs 49,100
Kolkata – Rs 50,410
Bangalore – Rs 48,510
In terms of recent gold prices, the cost has been majorly fluctuating. It only today that the price has increased after two days of consecutive decline.
For the unversed the price of the precious metal of dropped by a whopping Rs 1210 earlier this month.
Meanwhile, the silver prices are now down by more than ₹10,000 per kg in about a month. Apart from this platinum jumped 1.8% to $917.32 an ounce after World Platinum Investment Council forecast a deficit in supply this year.
Kotak Securities in a note accessed by the Mint said, ”Supporting gold price is increased safe-haven demand amid uneven global economic recovery, rising virus cases, increased US-China tensions and Brexit uncertainty. Also weighing on price is lack of ETF buying despite the correction in prices. The recent movement in gold indicates that prices are stuck in a broad range of $1900-2000/oz and directionless trade may continue unless either side is broken.
Gold traders will be watching the European Central Bank’s policy announcement due later in the day. Analysts expect the ECB is expected to hold rates steady but indicate that downside risks have intensified, suggesting further easing is possible before year-end.
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