In 2021, gold could go up to 63,000
Gold prices in 2021: Gold prices have risen sharply this year, last year was very bright and now there is news that next year (New Year’s gold price) gold will shine. Gold is currently trading at around Rs 50,000 per 10 grams, but it is likely to pick up next year, in 2021. It is believed that 2021 will be very good for gold and gold could lead to record models and reach the level of Rs 63,000 per 10 grams. That is, if you are considering investing in gold, it will not provide a good opportunity. Tapan Patel, senior analyst (commodities) at HDFC Securities, says gold is expected to rise sharply next year. Comcast’s gold target in 2021 was 2, 2,2150 and in 2021 it was 2, 2,390 an ounce, while expressing concern for a global economic recovery in 2021. On the other hand, the gold target on the MCX in India is 57 grams and Rs 63,000 per 10 grams.
In 2020, gold prices rose by 28 percent
This year has proven to be a very good one for gold (gold price in 2020) so far this year gold prices have risen by about 28 per cent. In August, gold-silver set a new record and touched an all-time high. It is not only in India that gold prices have risen. Gold has risen 23 per cent in global markets this year. Earlier in the year, the growth rate of gold prices was in double digits, this time too, the growth rate of gold prices has doubled.
Why the price went up
The reason for the sharp rise in gold prices this year was the corona virus, which made people look for a safe place to invest. Investing in gold has always been safe. Because of Corona, people in the stock market are less likely to invest, because investing in the stock market is risky. Gold was rising slowly in January-February this year, but after the fall of Corona Voice in India in March, it gained momentum.
Touched a recent high in August, it fell ten percent
Gold touched an all-time high in August. Gold had touched Rs 56,200 per 10 grams. In August, silver touched an all-time high of Rs 77,74,440 per kg. However, there was a sharp decline in August and gold prices fell by about 10 per cent in August. This happened because of reports of the corona virus vaccine causing people to re-enter other risky platforms, including the stock market.
Why is gold falling?
The positive news on the vaccine front to combat the Kovid-1 epidemic is bringing down gold prices. Experts say investors are leaving the stock market instead of gold due to the recovery in the global economy and easing tensions between the US and China. This is the reason why a big increase in gold prices is not likely in the near future. However, gold is still considered a good investment option for the long term.
Will gold return in the pre-corona period?
The corona virus caused a big drop in the stock market. Over time, the stock market has been recovering from that decline. Most of the world’s stock markets are recovering strongly from the fall caused by the corona, on the other hand gold (today’s gold prices) has returned to its all-time high. Gold prices are fluctuating in the coming days. Now the question arises as to whether gold will also return to pre-Corona period, as the trend has shown that if the stock market is strong, then gold is weak and vice versa. So gold will still be cheaper, because when the Sensex was close to 41 thousand in January, the price of gold was also close to 41 thousand.
How gold will move next year
In August, gold prices in India peaked for the first time. Gold prices touched an all-time high of Rs 56,200. This is due to the growing concern caused by the corona virus, as people prefer to invest in gold as it is considered a safe place to invest. But as soon as the corona vaccine was announced, the downward trend of gold started and the falling gold has come close to 47,000. At present, the price of gold is around Rs 50,000. In such a scenario, investors are worried about how gold will be traded next year, 2021.
Gold prices remain bearish: Axis Securities
According to Axis Securities, gold prices are expected to remain bearish in 2021. Axis Securities said in a note that gold fell sharply as positive news began to emerge in the direction of making the corona vaccine. As a result, investors are now looking for more risky options. This is why the stock market today is touching new heights every day. Axis Securities believes that there will be pressure on gold in the next few years, which will keep its rates from rising sharply and show a bearish trend.
Gold prices will rise with Bitcoin: Goldman Sachs
Goldman Sachs believes that changes in gold and bitcoin prices will occur simultaneously and that there is no risk to gold from cryptocurrencies. The Investment Bank has said that investors are worried these days due to poor performance of gold. They also think that gold will now replace Bitcoin. In such a scenario, Goldman Sachs has said that there is no risk of gold due to the growing popularity of Bitcoin.
Gold will become more expensive in the near future: Credit Suisse
Credit Suisse expects gold to move forward. Gold prices are expected to reach 22 2,200 an ounce in the July-September quarter of 2021. However, Credit Suisse previously hoped prices could reach 2,500 per ounce and have now lowered their estimates. This means that Credit Suisse assumes that gold prices will rise in the near future.
Gold from the Corona period was a boon
Gold is an asset to be used in deep crises, a notion that is once again justified in the current difficult global situation. In the midst of the Covid-1 epidemic and the geopolitical crisis, gold is again setting a record and has proven to be a better investment option for investors than other assets. Analysts believe that gold will remain high for at least a year and a half when there are fluctuations. Vimal Goyal, president of the Delhi Bullion and Jewelers Welfare Association, says gold will remain high for at least a year. He says gold is a boon for investors in times of crisis. Goyal believes that gold could grow by 10 to 15 per cent around Diwali.
Gold always shines in times of crisis!
Gold always shines in times of trouble. 1 1979. There were many wars in In and gold jumped almost 120 percent that year. As recently as 2014, despite the growing US threat to Syria, the price of gold has skyrocketed. However, then they went back to their old standards. Gold prices also rose when US tensions with Iran escalated or a Sino-US trade war erupted.
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