Gold rate today: gold became expensive on the first day of the week, yet 9000 cheaper than last year, know the latest price

Gold rate today: gold became expensive on the first day of the week, yet 9000 cheaper than last year, know the latest price

Gold and silver price has gone up today amid the fall in the rupee. On the first day of the week, gold rose by Rs 310 to Rs 46,580 per ten gram in the Delhi Bullion Market. In the previous trading session, it had closed at the level of Rs 46,270 per ten grams. Despite the rise in price, gold is 9000 rupees cheaper than the alltime high of August 2020. In August 2020, gold had reached the level of 56200.

The price of silver has also been recorded today. Silver closed at Rs 67,429 per kg in Delhi Bullion Market with a rise of Rs 580. In the previous trading session, it had closed at the level of Rs 66,849 per kg. Today, the rupee weakened 24 paise against the dollar and opened at the level of 74.33. However, it closed at 73.95 with a gain of 14 paise at the close of the market.

Gold Delivery Rate

Talking about gold delivery, MCX gold was trading up by Rs 305 to Rs 47042 per ten grams at 4 pm and gold for August delivery was up by Rs 299 to Rs 47350.

Silver delivery rate

At this time, silver on May 5 was trading up by 661 rupees on MCX and was trading at Rs 68185 level. Similarly, the silver for July delivery was trading up by Rs 818 to Rs 69184 and the September delivery was up by Rs 740 and was trading at Rs 70150 level.

Gold and silver rates on the international market and IBJA

In the international market, gold was trading up by $ 13.05 to trade at $ 1,780.75 an ounce level. Similarly, silver was trading at $ 26.30 per ounce with a rise of $ 0.42. There are 28.34 grams in one ounce. According to the information available on the IBJA website, the price of 24 carat gold is Rs 46960 and the rate of silver is Rs 68297 per kg.


Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

There is a record boom in the commodity market globally. Apart from steel, aluminum, copper is also doing business at a record level. On Thursday, the price of copper in the international market has crossed a record $ 10,000 per ton. The price of Shanghai copper has also reached the highest level in the past 10 years. Copper futures are also at record highs in the past decade in London, amid concerns over supply and weak dollar.

Information and agencies related to the commodity market say that in the coming time, the price of copper will see a boom. There are several reasons for this record boom in copper. For example, economic recovery has been seen worldwide, industrial copper consumption has increased in China, and Chile, which produces about a quarter of the global copper, has announced a tax of 75 per cent on its mining. Apart from this, due to the increasing trend of electric vehicles, the demand for copper is increasing.

If we talk about the Indian market, the price of copper was at the highest level till last week. Copper futures on Thursday were up 0.53 per cent at Rs 765.10 per kg. Copper futures for May delivery on the Multi Commodity Exchange (MCX) gained Rs 4, ie 0.53 per cent. The demand for copper has increased in India too.

Why is the copper price rising so fast?

1. Demand more and supply less: Sometime ago the Chilean Port Workers and Mining Association opposed a bill by the government. In fact, the Chilean government had introduced a new bill, under which workers were asked to block premature withdrawal from their pension funds for the third time.

About a quarter of the total global copper production comes from Chile. After the opposition of the association and the workers, the copper supply decreased and prices increased.

Apart from this, due to Kovid-19 in South America, many major commodity exports like iron ore and copper have been affected. Even in America, the importance of copper is seen as a raw material in Joe Biden's infrastructure plan.

However, in terms of supply, copper output in Peru has gone up by about 19 percent during the month of March. Globally, there has been some relief from this.

2. Less inventory: There has been a sharp decline in registered copper inventories on the London Metal Exchange. Analysts estimate that there has been a downward trend in this. As of 26 April 2021, the copper inventory at the London Metal Exchange was only 1,55,100 tonnes. In the second fortnight last month, it has reduced by 10 per cent.

3. Demand increased: Construction activities in China have increased this year. After this, the demand for copper in China has also increased. Let us know that half of the total consumption of copper in the world is from China. Analysts say that China consumes the most copper and now demand has increased due to large scale construction here. This is also a reason why the price of copper is getting faster.

A boom in economic development is now being expected in America. It will also have an impact on global economies. In the era of Kovid-19 crisis, countries around the world have announced an incentive package. On the other hand, good news is also coming about the corona vaccine. Both these factors have affected the price of copper.

4. Green Infrastructure: Demand for electric vehicles is increasing worldwide to reduce carbon footprint and promote the use of clean energy. Electric vehicles use twice as much copper as internal combustion engines. In such a situation, with the increase in demand for electric vehicles, the demand for copper will also increase.

What is the estimate of agencies?

In a recent report by Goldman Sachs, estimates say that by 2025, copper prices can reach $ 15,000 per tonne. The report titled 'Copper is the new oil' says that banks believe that by 2030, the annual demand for copper will rise by 900 per cent from the current level to 87 lakh tonnes.

Trading houses Trafigura Group and Bank of America also believe that copper prices have increased. Bank of America says that in the coming months, the price of copper can reach $ 13,000 per tonne.


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