After the downturn in gold, the market bounced back

- Silver sees steady rise in global spot delivery: Gold now looks at 2000

- Bullion Bits-Dinesh Parekh

The weakening of the dollar in global markets will push gold prices out of the downturn. Gold is showing signs of recovery after hitting a low of ૭૫ 150 an ounce and moving in the direction of ૭૮૫ 15 an ounce. The US House of Representatives has approved ડો 215 billion for the country's highways, roads, bridges, drinking water, railroads, electric charging stations that will help charge electric trains, and other development work. Which will indirectly support the price of gold. In it, oil prices surpassed ૭૫ 3 a barrel, which is higher than in 2007. This will motivate people to invest in gold, resulting in higher prices. Unemployment in the US is declining and a good job data in the wake of the pandemic crisis will push gold prices in a bullish direction.

Gold prices will take a bullish direction. Gold prices and gold stock prices have bottomed out, with a low of ૭૫ 150 a bargain and a high of ૭૮૫ 15 an ounce. Ross Norman, a London-based gold analyst, says buying gold reflects a "take-it-or-leave-it" mentality and that it has been necessary to study and understand the movement of gold since the 190's.

The dollar's reserves have failed to bring gold prices under pressure. Also the spot gold sales were not taken into account in the reason for bringing down gold prices. Many countries in the world market have been given more opportunity by hedge funds with the abundant sale of unallocated gold by central banks and gold is predicted to be undervalued.

Silver prices in the world market have fluctuated by 180-15 cents during the week. After seeing the price of silver at 215 cents per ounce and 5 cents per ounce at the bottom, all the silver has started to be seen in terms of currency and the silver felt in the old culture has been found to be a medium of financial transactions.

Old gold revenues saw an improvement. The new thing to note is that the hallmarking of jewelery for hall marking is charged at different prices in different centers. It is learned from the business community that Rs 50 is charged for hallmarking of jewelery in Mumbai's Telgali center. At that time, some centers in the jewelery market have set a price of Rs 10 per piece of jewelery to attract customers, but only government officials can determine the reliability of the centers. Overall gold demand is expected to pick up in September, leading to a bullish move by traders.

Overall gold will be bullish. In the domestic silver market, prices rose by Rs 1,200 per kg during the week. On Friday, silver was quoted at Rs 30,200 per kg in the bullion market. There is a gap of Rs.1000 per kg between futures and spot silver. Then in this month's futures delivery, the futures have changed to Rs.1000.

The house in the showroom is hardly like that. Traders expect the train to return home.

While the income of old silver is negligible, bullion traders trade in silver levies with a margin of Rs.500 per kg.

Traders are confused due to transaction tax and feel hesitant to trade on bills.

It will not be a surprise if the overall price of silver shows Rs 5,000 per kg in the near future.