1,000 rupees cheaper gold, silver prices declines by 2,000, why fall in investment in Gold ETF

The price of gold fell by Rs 1,01,520 per 10 grams in the national capital on Tuesday due to selling in global markets. On Monday, gold with 99.9 percent purity closed at Rs 1,02,520 per 10 grams. In local markets, gold with 99.5 percent purity fell on Tuesday to Rs 1,01,100 per 10 grams (including all taxes).

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Chintan Mehta, Chief Executive Officer (CEO) of Absan Financial Services, said that after the US President Donald Trump clarified that no duty would be imposed on gold imports, gold prices declined. Although the official confirmation from the White House is yet to come, but this announcement has reduced business concerns. ”

Apart from this, the White House announced on Monday that the heavy duty imposed on China would now be suspended till November 11. Mehta said that this decision has currently helped in reducing large economic stress, which led to a decline in gold prices.

On Tuesday, the rupee rose 10 paise to 87.65 against the US dollar in early trade. Meanwhile, silver was at a price of Rs 1,12,000 per kg (including all taxes) on Tuesday to a price of Rs 2,000. It closed at Rs 1,14,000 per kg on Monday.

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Globally, gold in New York gained 0.13 percent to $ 3,347.18 an ounce. Ogmont’s research chief Renisha Chanani said that the announcement of Trump’s non -payment of fee on gold on Monday reduced the huge increase in import price of metal, lowering prices below $ 3,400 an ounce. Silver spot in foreign markets rose by about one percent to $ 37.90 an ounce.

Investment in gold ETF decreased

Investment in Gold Exchange Traded Fund (ETF) declined by 40 percent to Rs 1,256 crore in July in July. It decreased due to concerns about high prices of gold, especially fees related to fees. Despite this decline, the July figures reflect positive investment for the third consecutive month.

Santosh Joseph, Chief Executive Officer (CEO) of Germanate Investor Services, said that despite a strong performance in the last two years, it is difficult for investors to estimate gold moves at this time. Concerns about the fact that investors will continue to shop at high levels.

He said that many investors want to invest some in gold as rescue, but they remain alert in view of the current prices. This year, during January-July this year, Gold ETF has invested more than Rs 9,277 crore. This suggests that its role is increasing as strategic allocation in the portfolio.

Nehal Meshram, Senior Analyst (Management Research) at Morningstar Investment Research India, said that gold is interested in gold amidst long-term large uncertainty, including frequent demands, unstable global interest rates and geopolitical risks. Input language edited by: Sudhir Sharma