Increased tendency to sell bonds and invest in gold

- Bullion Bits: Dinesh Parekh

- Central banks of various countries also go out to buy gold: Global gold is likely to rise to 5,000

Gold in the global market has been bullish for the last three sessions, hitting a record high of ૮ 1,215 an ounce and hitting ૮ 1,215 an ounce on Thursday, hitting around ૮ 1,200 an ounce. Over the past weekend, gold prices have been hovering between ૮ 1,308 and ૯ 1,305 and silver at ૨૬ 2.15 to ૬ 2.15.

Oil-producing countries started buying gold with oil money at this high price of 3 a barrel. Bottom gold prices took a U-turn from ૭૫ 150 an ounce to ૮ 1,200 an ounce and ૮૫ 150 an ounce in the near future. Don't be surprised if the price shows.

This year, the price of gold bonds, which do not earn interest and are a paradise investment, have become less attractive to investors under the pressure of bond returns and have begun to withhold money in bonds. A slight improvement in gold prices in April and May pushed gold into a softening circle for the past four years as the dollar continued to strengthen in addition to the new Fed policy. James Steele, an analyst at HSBC Holding, said higher oil prices boosted gold purchases and other producing countries, including oil-exporting Kazakhstan, entered the market to buy gold.

Gold is at ૨૩૨ 12 high and ૭૨ 104 low in 2016, માં 115 high and low ૧ 115 in 2014, ઉ 16.50 high in 2016, ૪ 1308 low in 2012, ૩૨૬ 113 high in, 111, low ૨ 14 in 2015. Ounces hit a record high of ૯૭૪ 15 an ounce in 2020, and it would not be a surprise if gold crosses ડો 2,000 an ounce in 2021.

Overall, gold has entered a bullish circle and a weaker / stronger dollar, lower bond yields, stronger oil prices and buying of gold from China and India, as well as buying by central banks, will push up gold prices. Silver prices in the world market have seen bigger fluctuations than gold. During the week, silver was quoted at a high of 7 cents and a low of 3 cents per ounce.

Local gold prices are determined by the fluctuations of the global market. Gold jewelery showrooms have opened but the number of households has been low for the last three days. Because the price of gold has suddenly gone up by Rs 500 to Rs 200 per ten grams. Bullion traders are stuck in a dilemma and because of this transaction tax they cannot work for less profit and if the government has its own capital investment it cannot afford it. The news comes that in many small towns the traders of small bullion have ceased their operations. As a result, the gold distribution chain is broken and the big gold traders and importers will control the market by setting the price of gold.

While traders and shopkeepers in Mumbai's jewelery bazaar, who are at a loss as to how to deal with bills, seem to be increasing their work on the bill, there is very little gold in the Ahmedabad market without bills and the trade in bills is on the rise.

There is a gap of Rs 1,500 per kg between silver futures and spot silver prices. In the Mumbai market, silver is quoted at Rs 200 per kg higher than Ahmedabad.