Demand for gold and silver in the jewelery market is expected to pick up again

- Bullion Bits: Dinesh Parekh

- Despite record rise in inflation in the US, gold prices in the world market fell instead of rising.

The fluctuation of the dollar in the world market determines the price of gold but at the present stage the strength of the dollar puts a brake on the gold bullion and gold is hovering between તથા 150 and ૮૯ 120 an ounce and is facing strong resistance at ૯ 1,200. Despite a record rise in inflation in the US, world gold prices fell to ૮૭૯ 15-150 over the weekend instead of rising.

Even if gold prices do not rise, circumstances are such that gold will have to wait for a rally.

China's forex reserves rose to ૨૨ 2.7 trillion, gold reserves rose to 2.4 million ounces, and forex reserves rose by ૬૨ 2.7 billion to ૨૨ 2.7 trillion.

The yuan also rose 17 percent against the dollar and the dollar depreciated 1.6 percent, while gold rose 2.3 million ounces in May. At that time, the central banks of the world are making new discoveries to invest in new property by removing the traditional investment. Surveys around the world have found that people and investors believe. Central banks will increase their gold reserves by buying a further 5 per cent in the next 12 months. According to the survey participants, the gold holdings of central banks have increased from 30 per cent last year to 31 per cent and no central bank has any plans to reduce their gold reserves.

Silver has fluctuated by 20-30 cents per ounce in the world market. Silver hits between 20 and 30 cents per ounce.

Industrial demand for silver is increasing. The threat of Kovid-12 is decreasing and more people are being vaccinated. Then the demand for silver will come out and the demand in solar energy and medical sector will increase and the price of silver will go up. Silver is expected to cross the ડો 70 an ounce mark and reach the 60 direction.

It should be noted here that the richest people in the United States do not pay income tax. In 2006 and 2011, Amazon chief Jeff Barrow paid zero tax. Then billionaire and Texas chief Ellen Musk paid zero tax in 2016. Also named Warren Buffett among the many billionaires who pay very little tax. Take advantage of tax deductions by taking many deductions in income for tax. George Source has not paid taxes for the past several years. Thus the loopholes of the law do not tax Gotti. Disclosure of these tax details is a legal offense in the United States, but the news is that the above people will make a long-term profit by investing in silver. As the demand for silver increases, there will be a shortage of silver supply and silver will bounce back.

Mumbai and Ahmedabad have seen a decline of Rs 200 per ten grams in gold due to the softening of the global gold market. In Maharashtra and Gujarat, the discounted shops will remain open for a longer period. As a result, gold showrooms have opened and demand for gold has increased. Consumers are coming to buy gold at a lower price of Rs 50 in Mumbai and Rs 200 per ten grams in Ahmedabad. Old gold revenues have also continued and there has been some revival in the trade. Gold imports are expected to grow. It is to be noted that there is a difference of Rs 200 per ten grams between the futures price and the spot gold price. While gold futures are quoted at Rs 500 per ten grams, spot gold remains at Rs 500 per ten grams.

Overall, rising demand for gold will keep gold stable and the global market will bounce back to Rs 31,000 per ten grams.