Gold price is expected to touch Rs 63,000 per ounce in 2021.
The price of the precious metal, which has hit record highs along with the capital market, is expected to remain flat in the new year and is expected to touch Rs 63,000 per ounce in 2021.
As the year 2020 draws to a close in the wake of the Corona and lockout scandals, speculation is rife about the future price of the precious metal. International gold prices rose to $ 2,000 an ounce for the first time in the wake of the global crisis.
Although the Corona has waned and satisfactory progress has been made, the economies of all the countries at the bottom are expected to receive immediate and substantial financial support. As a result, the dollar will weaken further and gold prices will continue to rise, said Gyan Shekhar Tyagarajan, chief executive of risk management services company Comtres. Demand for the precious metal from India and China will continue to grow in the coming years, he said.
In India, gold prices touched Rs 56,000 per 10 grams for the first time. Ain Dussehra, the record price of precious metal on the eve of Diwali, had an adverse effect on buyers and investors. There are fears of instability internationally in the coming period.
At the beginning of the year 2020, gold prices in the country were on the threshold of Rs 40,000 per tonne. Precious metals became more expensive during the Corona affair and the ensuing lockout. Gold prices continued to rise after hitting a low of 38,400 in the first few months of the year.
Investment opportunities open in government gold bonds
The ninth series of government sovereign gold bonds began on Monday. This investment option is allowed till January 1, 2021. In the current year, the gold price has crossed the record price of Rs 56,000. Gold prices are expected to rise in the new year as well. Against this backdrop, experts say that long-term targeting has the potential to provide attractive returns on investment in gold.
Features of the new series of investments:
* The price of gold per gram is fixed at Rs. 5,000.
* Minimum investment is one gram, while maximum investment limit is four kg.
* Investment period is eight years and premature sale from the fifth year.
* Discount of Rs. 50 per gram on online application and digital payment.
* 2.5 per cent interest on universal gold bonds.
* Capital gains taxable on sale of securities before maturity.