There was some relief on gold prices on Saturday. Gold on MCX opened at Rs 47411 per 10 grams. It is up by Rs 796 per kg from yesterday’s closing price. On Friday, a big drop was recorded in Sarafa bazar. On Friday, gold fell by Rs 661 to Rs 46,847 per 10 grams in Sarafa Bazar in the national capital.
Gold declined to US $ 1,815 an ounce in the national market, while silver did not change nearly at US $ 26.96 an ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said the weakness in gold was due to the improvement in the dollar index.
Will gold prices increase in 2021?
Major central banks across the world have reduced this interest rate to almost zero and it will remain at the same level for at least another year. Also, to provide liquidity in the market, central banks are showing aggressive attitude. All these will have an impact on the economy and this will increase the prices of gold. Liquidity push will increase gold prices worldwide.