Gold prices have risen on Thursday due to positive global signals. On Thursday, December futures, gold on the Multi Commodity Exchange (MCX) rose by Rs 55 per 10 grams. At the same time, silver prices rose by Rs 137 per kg in December futures. Globally, the yellow metal prices have risen. Gold prices rose in the third session due to the softening of the dollar.
Spot gold rose 0.2 per cent to $1,784.96 an ounce. US gold futures closed at $ 1,784.60 with slight changes. The performance of gold was weak against silver due to a sharp jump in the cryptocurrency bitcoin. The rise in the global stock market had an impact on the prices of gold.
The new price of gold and silver (Gold Silver Price on 21st October 2021)
On Thursday, December futures, gold on MCX rose by Rs 55 to Rs 47,554 per 10 grams. While the price of one kg December futures silver jumped by Rs 137 to Rs 65,744.
Check Out : India’s highest-selling SUV Bolero and what Anand Mahindra has to say about new bolero neo
Reason for the rise in gold
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Despite the rise in US bond yields, a weak dollar has led to the rise of gold prices. Gold prices have risen due to inflation concerns and renewed concerns from China’s Evergrande debt crisis.
Investment in Gold ETF increased for the second consecutive month.
In September, an investment of Rs 446 crore came in Gold Exchange Traded Funds (ETFs). This inflow of investment is expected to continue for now due to strong demand because of the festive season in the country. Last month, a net investment of Rs 24 crore came in Gold ETF. According to data from the Association of Mutual Funds in India (AMFI), in July, investors pulled out a net Rs 61.5 crore from gold ETFs.
So far, a net investment of Rs 3,515 crore has been received in the Gold ETF category. July was the only month where withdrawals have taken place. With fresh inflows, the number of folios in this category increased by 14 per cent to 24.6 lakh in September from 21.46 lakh in August. So far this year, the number of folios has increased by 56 per cent. Market experts say that the ‘correction’ in the prices of the yellow metal ahead of the festive season has led to an increase in investment in gold ETFs.