After the worst start in 30 years, gold losses sheen this February
Going by the week-wise depletion, in the first week of February, 24-carat gold became cheaper by ₹1837 and silver lost ₹2303.
The gold, which was the worst beginner in the last 30 years, lost some shine in February as well. This month, the price of 24-carat gold fell by ₹2947 and at the same time, silver also weakened by ₹1105 in bullion markets. According to a Bloomberg report, after its worst start in 1991, the yellow metal began 2021 badly, owing to which investors have suffered losses so far this year.
Going by the week-wise distribution, in the first week of February, 24-carat gold became cheaper by ₹1837 and silver lost ₹2303. In the second week, gold rose marginally by ₹149 and silver also improved by ₹954. In the third week, gold again lost ₹1285, while silver managed to make a slight gain of ₹37. Gold has strengthened slightly in the last week of February. Last week, it rose by ₹469 per 10 grams to ₹46570. At the same time, silver has also improved by ₹207.
Gold became cheaper by ₹10,000 from the highest level
Gold has fallen below its highest level by ₹9684. On August 7 last year, gold reached its highest level of ₹56,200 per 10 gram, after which the precious metal’s price has been on the decline. At the same time, silver has become cheaper by ₹7387 per kg from its highest price of last year.
Investor trend increased in bitcoin
Robust returns in cryptocurrency Bitcoin have attracted investors. In the previous year, the price of bitcoin was recorded to be five times higher than in 2019. This year the price of Bitcoin crossed the new level of $56,000. However, today its price has come down to $46,431.
Increased demand for silver
Overcoming the spread of the coronavirus infection, industrial activity has returned to a fast track, which has led to rapid demand for silver. The investors are getting higher returns in silver than gold. Therefore, investors are investing in silver instead of gold.
Great returns in dollar and US yield
Investors in the dollar and US yields have received strong returns amid the Covid-19 crisis. Along with this, the risk is also less. In view of this, investors are once again withdrawing money from gold and putting it in dollars, which dominates the selling.
Stock market boom
After the Covid-19 crisis, there was a big fall in the stock market. After that, investors turned to gold for safe investment. However, the stock market has continued to do well for the last nine months. With this, investors are once again investing in the market and withdrawing from gold. However, the stock markets around the world fell again on Friday.