Mumbai: Yellow precious metal gold is called a chain of crisis times which means you can get out of trouble by selling the gold you have when you are in financial trouble. This time too, with gold prices skyrocketing in the Corona crisis, investing in gold is once again the safest thing to do. If you want to buy gold then the present is the best time for it as the price of yellow precious metal has dropped from its highest level by about Rs 10,000.
Gold has always been a partner in times of trouble, which is why people have been investing in gold for centuries. Today, the price of gold rose by Rs 94 to Rs 46,877 per 10 grams. Last week, it closed at Rs 46,783 per 10 grams. It has fallen by about Rs 9,300 from the time high, hitting a high of Rs 56,200 in August.
This year has proved to be very good for gold (price of gold in 2020). Gold prices have risen about 28 percent so far this year. In August, gold-silver set a new record and touched its highest level. It is not only in India that gold prices have risen. Gold has risen 23 per cent in the global market this year. Earlier in 2019, the growth rate of gold prices was in double digits, this time too, the growth rate in gold prices is in double digits.
Why the price of gold is falling
The Covid crisis had created a climate of fear among investors and people turned to gold as a safe investment, although now that the Corona vaccine has arrived, people are no longer afraid of Corona and are now withdrawing their investment in gold and investing in the equity market With gold declining, the budget is unlikely to lead to a sharp rise in gold in the future, although gold is considered the best investment in the long run.