Gold price today 7-12-2020: Is it right time to buy Gold? Know the detailed analysis here!

Marriage season has started and if there is one in your home, then this information will be of great news to you. If you are planning to buy gold, then this is the right time for you to buy it. The price of gold has come down by over Rs 7,300 from its record highs. 

In the last week, there were some upward price movements in the gold but that should not deter you from buying it. Investment in golds will be a good option for you.  Gold was trading in the green on Monday. On MCX at around 12:45 pm, the Gold futures were trading up by almost 0.3 per cent or were up by Rs 126 from the Friday closing price.  

The February Gold Futures were trading around Rs 49,298. Meanwhile, the March 2021 Silver Futures were trading with some weakness, down by Rs 83. The cost of 1 kg silver futures was Rs 63,730.    

Opportunity to invest in gold 

Over the last one week, the price of gold has appreciated by Rs 1200. But, the yellow metal is still trading the 50,000 mark. If the peak prices are to be considered, the fall in price has been by as much as Rs 7,300. So, even if the prices have appreciated over a week, they are still significantly down. If you are planning to invest in it, this is the right time to do it.  

Last week, at the beginning the price was around Rs 47,625 per 10 gm. If we talk about the price of silver, there has been an appreciation of Rs 5,500 over the last week. However, this bullion metal is cheaper by Rs 14,000 from its lifetime highs. The previous week began with Silver trading at Rs 57,808 per kg which has now increased to Rs 63,343. 

Why are prices falling for Gold and Silver? 

There are many reasons behind the softening of gold and silver prices. One of the important reasons is the hope around vaccine. It is expected that there would be a vaccine anytime soon in India. It is also triggering the economic activity.

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Gold has also seen losses because of the strength of the equity markets, with investors moving toward the equities. There have also been positive economic developments including expansion in manufacturing and services PMI, higher GST collections and improved auto sales. The unlocking of economy has played it part helping the economic recovery process. This has led to sharp depreciation in the price of gold and silver.