As the corona epidemic was spreading across the world, gold prices were increasing. A unilateral rally in gold prices was observed from March to August. But now as the news of the corona vaccine is coming, the glow of gold is fading. Even though the Indian stock market remained closed on Monday, the global market saw the biggest monthly decline in gold price in four years on Monday Gold became cheaper.
Actually, many companies across the world are engaged in making Coronavirus vaccine, in which many companies are in the final stage. If everything goes well then the vaccine will be available soon. However, no date has been set yet. In India, Prime Minister Narendra Modi is keeping an eye on every update of the corona vaccine.
The news of the vaccine has raised hopes of recovery in the economy. Due to which gold prices are falling. Spot gold fell 1.2 percent to $ 17.66.26 an ounce on Monday. So far, the price of gold has fallen by about 6 percent in November. This is the biggest monthly decline since November 2016.
At the same time, on November 30 in the international market, silver prices also fell by 3.2 percent and reached $ 21.96 an ounce. In a way, in the last 4 years, November has proved to be the worst month for gold. Due to the Corona crisis, people were running towards investing in gold, and now people are selling off due to the news of the vaccine.
Gold touched its previous high in the first week of August. The price of gold was Rs 56,200 per 10 grams on 7 August. Now on Monday, the price of gold in the Delhi Bullion market was 24 carats 51,000 and 22 carats 46,350 rupees per 10 grams. On this basis, gold prices have dropped by 8,000 rupees per 10 grams from the previous high.
At the same time, the price of silver was Rs 78,256 per kg on 10 August, which closed on 30 November 2020 at Rs 59,100 per kg. On this basis, the price of silver has decreased by more than Rs 19,000 per kg.
Experts say that due to improvement in the global economy and tensions between the US and China, investors are turning to stocks except for gold. Gold became cheaper Not only this, experts say that there is no possibility of a huge jump in gold prices in the near future. Not only this, there is pressure on the dollar. The dollar has come down to a two-year low due to the news of the vaccine.