Plunging gold prices: An opportunity to buy ahead of wedding season
This year the wedding season is a full month behind. Very few weddings are happening right now. With the arrival of weddings season in April, the prices of gold and silver are expected to rise again from the month of March itself. But if we talk about February, there has been a tremendous fall in gold prices in just 20 days. Gold prices have fallen by up to Rs 3,292 per 10 grams in just 20 days before the wedding season. At the same time, when talking about the prices of silver, at this time silver has become cheaper by Rs 7,594 per kg as compared to last year’s price.
In the bullion market, the prices of gold and silver are based on futures trading. In the real market, the prices of gold and silver do not remain exactly equal, but remain back and forth. While Gold has fallen by Rs 3292 per 10 grams in the last 20 days, then in the last one week this decline has been up to Rs 1285 per 10 grams. At the same time, the price of silver has been marginally higher than the previous week. Silver has registered an increase of Rs. 37. Gold price was highest in Delhi’s Sarafa Bazar on 7 August 2020, when gold touched all-time highs of 56,254. But speaking of last week, on 12 February 2021 i.e. on Friday, when the gold trading closed in the evening, the market closed at 47,386 as compared to the market opening at 47,528 in the morning. That is, gold was cheaper by Rs 142 on 12 February. And on February 19, the gold price came down to Rs 46,101 per 10 grams. That is, a fall of Rs 1285 was recorded in a week.
