Daily Gold Price (January 22) Forecast and Updates
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Spot Price of Gold and Silver
Gupta said that the spot price of gold in Delhi on January 21 was Rs 50,500 per 10 gm while that of Silver was Rs 69,000 per kg. He expects the spot price to reach between Rs 51,000 and Rs 52,000 over the next 15 days.
At 11:20 am the price of MCX February Gold Futures were trading up almost Rs 200 at Rs 49,740. Gupta said that investors should Buy Gold Futures around Rs 49,500. He puts the stop loss at Rs 49,250 while the target price at Rs 50,000, Zeebiz reported.
Meanwhile, the MCX March Silver Futures gained almost Rs 738 around this time and were trading at Rs 67,728. He recommended a Buy on Silver futures. He puts the stop loss at Rs 66,300 while the target price at Rs 68,900.
Another expert Amit Sajeja, Vice President -Research, Commodity and Currency at Motilal Oswal said that Gold and Silver will trade with a positive bias. The Support range for MCX Gold is 49,300-49,100 and the resistance range is Rs 49,850-50050. Buying on dips advised near support levels.
As for MCX Silver Support range is 66,750-66,450 and the resistance range is Rs 67,850-68150. Buying on dips advised near support levels.
While Joe Biden taking over the reins in the US will strengthen equity markets and stabilize US Dollar, the news around stimulus package will continue supporting Gold, Gupta said.
Gold prices continue to hover near two-week highs on stimulus plans anticipated from the Joe Biden administration and a broad commodities rally spurred by the inauguration of the 46th US President, Sajeja said.
Volatility in dollar and yields attracted investors towards the bullions, he added.
Check Rates in Kolkata, Chennai, Mumbai, etc
The gold and silver prices witnessed a marginal hike on Thursday. The cost of one gram of 22-carat gold has increased by Re 1 and is currently at Rs 4,811, according to the prices collected from Good Returns. The price of 10 grams of 22-carat-gold stands at Rs 48,110 after a hike of Rs 10. Also, there has been an increase in prices of 24-carat gold as well. For 10 grams, the price is Rs 49,110 after a rise of Rs 10. On comparing the prices of 22- carat gold of 10 grams from that of 24-carat of 10 grams, there is a difference of Rs 1,000, according to News18.
The prices of gold vary in different cities of India depending on the carats on a daily basis following the national trend.
Chennai: For 22-carat gold, you will have to pay Rs 46,520 per10 grams while for 24-carat gold Rs 50,740. Compared to the national capita,l the prices in the city are less costly.
Kolkata: The price of 22- carat gold in Kolkata is costlier than the prices of the metal in Delhi and Chennai. The price of 22-carat gold is Rs 48,440 while for 24-carat gold, the price is Rs 51,240.
Mumbai: The price of 22-carat gold in Mumbai is Rs 48,110, while you will have to pay Rs 49,110 for 24-carat gold.
Gold rate in Bangalore for ten grams of 22-carat remains at Rs. 45,800 with a hike of Rs. 150 and that of 24-carat gold is at Rs. 49,960 with a hike of Rs. 160. While the gold rate in Hyderabad is at Rs 45,800 per ten gram of 22-carat gold with a hike of Rs.150 and that of 24 carat is at Rs. 49,960 with a fall of Rs. 160.
The gold rate in Kerala is at Rs 45,800 per 10 gram of 22 carats and the rate of ten grams of 24 carats is at Rs. 49,960. In Visakhapatnam, the gold rates have followed the same trends with Rs. 45,800 and Rs. 49,960 per ten grams of 22 carats and 24 carats respectively.
International Price of Gold
The price of gold in the international market increased by 0.03 percent to USD 1,872.50 per ounce on Thursday. However, in the last 30 days, the performance of gold has decreased by 0.23 percent which is equivalent to USD 4.40.
If you are planning to buy any silver jewelry, then you will have to pay Rs 671 per 10 grams as there has been a hike of Rs 6 in its prices.
Silver prices in Metro Cities
The price of one kilogram of the metal remained the same in Delhi, Mumbai, and Kolkata at Rs 67,100. However, in Chennai and Hyderabad, the price of one kilogram of the metal is a bit costly at Rs 71,300.
Opportunities in 2021 for buying Gold, Silver
If you are an avid investor in Gold and silver then there will be opportunities for you to buy. A report from the World Gold Council (WGC) tells that the sentiments around consumption have improved now, in comparison to last year when the pandemic started. The demand of Gold has seen improvement. the demand for Gold during Dhanteras was down from the usual demand around this time, though it picked up from the situation during the April-June 2020 quarter. As economies open and opportunities of investment in other avenues pick up, more stability is expected. This will give good opportunities for investment in Gold and Silver.
Gold price in India: Key factors to look at while investing in 2021
The efficacy of the vaccine, implementation of the vaccination process, low-interest rate regime and the global central bank's stance on liquidity will guide gold prices in 2021.
It remains to be seen how much return will gold give in 2021 as several factors determine the demand and supply. “Bullions are international commodities and will be driven by international factors a lot. With the news of gold disclosure scheme and KYC in place for gold investors, it can become a little cautious. Broad Range for the gold is around Rs 46000 to Rs 58000. With Covid Vaccine around the corner, there can be some selling expected in gold and it is preferred to buy gold on dips,” says Nitin Shahi, Executive Director of Findoc Financial Services Group.
Investing in gold need to be part of your asset allocation. Along with equities, debt, real estate, some portion can be allocated to gold. “Gold already had a phenomenal run for a year from the last quarter of 2019. Gold investment should be looked from an asset allocation perspective instead of return generating asset class. The level of uncertainly around the world was different in 2020. In 2021, things are improving across the world; hence it is better to avoid going overboard in Gold,” says Harshad Chetanwala, Co-Founder, MyWealthGrowth.com. Diversifying across asset classes helps to generate high risk-adjusted returns in the portfolio.
Going forward, the set of factors that made the gold shine may not be the same in 2021. A lot will depend on the strength of the dollar, the success of the Covid-19 vaccination programme and the Geo-political events. “2021 seems to be a good year for gold. With large stimulus checks being cut across the globe, the consequent pressure on stronger currencies like the USD will form the first layer of support for gold prices. Other indicators in favour of gold include the record-high holding of the precious metal by Central Banks, high global debt, high investment demand, higher bond prices and lower interest rate regimes,” says Subramanya SV, co-founder & CEO at Fisdom.
Bhatt sums up the factors that investors can keep an eye on while investing in gold. “As we approach 2021, Gold will remain in focus for investors, as central banks across the globe have pledged to keep rates low, and easy liquidity to aid growth. The latest instalment of the stimulus package from the US government will add to the existing dollar liquidity in the system and may end up weakening the greenback. A weak dollar may push up gold prices. The efficacy of the vaccine, proper implementation of the vaccination process in developing countries, low-interest rate regime, and the global central bank’s stance on liquidity will guide gold prices in 2021.”