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    December 6, 2020

    Gold price broke all records, silver jumped by Rs 4490

    2 min read

    TTS Demo

    Today 5th August 2020: Today gold has crossed Rs 55000 per 10 gram, breaking all records so far. At the same time, silver has reached close to Rs 70000 per kg. Gold opened at Rs 55201 per 10 grams, taking a big jump of Rs 1197. At the same time, silver has jumped to a high of Rs 4490 per kg at Rs 69225. According to the Bullion and Jewelers Association website (ibjarates.com) on 5 August 2020, the gold and silver spot prices across the country remained as follows…

    MetalAugust 5 rate (Rs / 10g)4 August rate (Rs / 10g)Rate change (Rs / 10g)
    Gold 999 (24 carat)55201540041197
    Gold 995 (23 carat)54980537881192
    Gold 916 (22 carat)50564494681096
    Gold 750 (18 carat)4140140503898
    Gold 585 (14 carat)3229331592701
    Silver 99969225 Rs/Kg64735 Rs/Kg4490 Rs/Kg

    According to Rajesh Khosla, media in-charge of the India Bullion and Jewelers Association, Delhi, ibja shows the average price of gold and silver from 14 centers across the country. Khosla says that the current rate of gold-silver or, say, the spot price may be different at different places but there is a slight difference in their prices. In the spot market, the price of silver had risen to Rs 77,000 per kg in 2011. The price of gold was Rs 38,400 per 10 grams on March 16, 2020, after which gold has gained nearly 40 percent.

    Why gold and silver prices are increasing

    Ajay Kedia, director of Kedia Commodities, says that the corona virus infection is increasing rather than decreasing. Due to this uncertainty in the stock markets, real estate is also affected. This round seems to be the safest gold for investors. Investors have moved towards gold, gold ETFs and bonds. This is the reason why gold rates are increasing. At the same time, silver prices are seen rising due to the mining work being affected due to coronavirus infection and disrupting supply. In addition tensions have increased between China and the US on many fronts, including trade. A new Cold War has begun in the US and China due to the handling of the Corona virus and the imposition of a strict new security law for Hong Kong by China. 

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