Gold prices are moving towards 60 thousand, prices are rising due to economic instability

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New delhi date. 06 August 2020, Thursday

Gold prices are skyrocketing. On Wednesday, the price of 10 grams of gold rose to Rs 55,225 on the MCX. In the spot market, the price has reached Rs 56,000.

There is also speculation that its price could touch Rs 60,000 by the end of this year. Along with gold, the price of silver is also rising rapidly and it is believed that the price of silver could touch Rs one lakh per kg by the end of this year.

Economic instability boosted gold prices

Investors are investing in gold for safer investments due to economic instability around the world. But this is exacerbating the problem for retail buyers. Ordinary consumers can no longer buy gold.

Demand for jewelry fell

India is the second largest consumer of gold and gold jewelery but the demand for gold and gold jewelery has been steadily declining due to the rising cost of both.

The first choice for investors is to invest in gold

Currently, real estate and stock market conditions are bad and volatility in the international economy has made gold the first choice for investors.

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