Heavy fall in gold on the first day of the week

On Monday, the first day of the week, there is a huge fall in the price of gold. Gold for August delivery today opened with a fall of Rs 116. As the day progressed, its decline increased. At 11.15 am, it was trading at Rs 47635 per 10 grams, down by Rs 288, or 0.60 percent. It touched a high of Rs 47,807 and a low of Rs 47,602 in the morning session. On the other hand, the price of silver is also seen declining. Silver for September delivery was trading lower by Rs 421 at Rs 68876 per kg.

Last month, the price of gold had fallen by about Rs 2,700. It had touched a record high of Rs 56,200 per 10 grams in August last year but since then its price has come down by around Rs 9,000. There is a lot of volatility in the price of gold these days. Recently, with the increase in the cases of corona, the price of gold was increasing rapidly. But now due to the improvement in the situation of Corona and the strengthening of the dollar, gold is once again declining.
The reason for the sharp rise in the price of gold in 2020 was the corona virus, due to which people were looking for a safe place to invest. Investing in gold has always been a safe one. Due to Corona, people reduced investment in the stock market, because investment in the stock market is risky. In January-February last year, gold was rising slowly, but it gained momentum after the corona virus knocked in India in March.