Gold prices have gone down where silver price has also has come down. On MCX June month, gold price will even fall 0.33% to Rs 43,232 per 10 gram. It is declining, and today is the third day. Silver future price gains 0.3% to Rs 39.925 per kg, and it is getting crashed. Quarterly basis gold price will get high, and it will become 10 grams Rs 45000 this month.
In this global market, gold price is lower, and it will rally with the global equity market. But due to this coronavirus lockdown gold rate has become low.
The dollar rate has become high with the other six major currencies where it has gained 0.8% compared to the previous session. The higher US dollar makes the dollar denomination, and the gold rate becomes high.
Anyways, in this quarter, gold price is increasing as per the international market, which is about 6.5%, and it has already set for its sixth consecutive quarterly. Due to the global recession, central banks hand ignited the demand for mental.
Bonanza Portfolio told that according to the global economy with lower interest rates can support the gold price, and this trade may be positive.
Two-fifths of the global population has lockdown to their home due to coronavirus, and it has coared over 37000.
This can also reflect the holding in a gold exchange-traded fund, which is getting rise 964.66 tonnes till this Friday.
The central bank of Russia has spent on gold in the past five years, and now they have stopped buying from 1st April, and they did not disclose the reason behind it. But as per analyst gold price will become high in these seven years.