As gold price breaks 50,000-barrier, IBJA's Surendra Mehta speaks to Anil Singhvi on this remarkable occurrence

It is a golden day for gold buyers as this bullion metal today hit the Rs 50000 mark and went slightly above it. This news is big for every household in the country as every home has gold in one form or the other, Surendra Mehta, Secretary at India Bullion and Jewellers Association Ltd. (IBJA) said in an exclusive chat with Zee Business Managing Editor Anil Singhvi.

Mehta further said that people are happy to see the yellow metal attain and even surpass the price of Rs 50,000.

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सोना के रिकॉर्ड स्तर पर: देखिए IBJA के सेक्रेटरी सुरेंद्र मेहता के साथ खास बातचीत#GoldenDay #Gold #Silver @IBJA1919 @surendramehta65 pic.twitter.com/iaOgzNo8kp

— Zee Business (@ZeeBusiness) July 22, 2020

Gold is not alone to have a field day today as silver too, crossed the 60,000 mark. This is a big development as far as the bullion prices are concerned.

Mehta said that he had earlier said in his interaction with Zee Business that the year 2020 will belong to silver.

Since 19 March 2020, while the gold prices have appreciated by 28 per cent, silver has gained by a whopping 96 per cent, he added.

He said every investor who has gold and silver in his portfolio has been rewarded today.

At 3:30 pm the August Gold Futures were trading at Rs 49920 per 10 gram, up by over 0.8 per cent on MCX while September Silver Futures were up by over 4 per cent at Rs 59,700 per 1 kg.

What is more, experts are predicting that both gold and silver prices are going to keep on rising due to various reasons despite some good news coming in about breakthroughs in finding a drug to defeat Covid 19, which was a big reason that was driving investors to safe haven investments in bullion. 

IBJA was established in 1919, as a result of the prevailing circumstances in the market that warranted an association with multi-faceted approach to the problems and challenges faced by the bullion traders in a newly liberated India.

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The IBJA has grown in its reach, stature and reputation over the years since its creation. It has proved to be an unbiased platform and is now considered the Apex association for all bullion and jewellery associations in India. Presently India is the world's largest consumer of Gold bullion, gold jewellery and gold ornaments.