Nowadays we are going through unusual and in many cases unprecedented periods. This thing is also evident from the constantly rising prices of gold along with other things.
There is a tremendous boom in gold at the world level. In the global commodity market, it exceeded $ 2000 per troy ounce last Tuesday. Troy ounce is the international unit for measuring the weight of gold and other precious metals and is equal to 31.1034768 grams.
This is the third consecutive week when gold has remained above the $ 1,900 benchmark. This is the first time since 2011 that gold has remained at this historic high for so long.
However, if we look at the height of gold in India, it is more than global. On Thursday, it sold at its own rate of 57,700 rupees per ten grams. In the pasty environment, this glare of gold forces the fingers to press under the teeth, although the gold graph in our country only comes down slightly, then soon turns upwards.
Since the era of globalization in the nineties, in 1992 it was Rs 4334 per 10 grams. Even after crossing the 5000 limit once in 1996, it was only within five thousand in 2002. Especially after 2004, it made the first jump in 2012 to cross the Rs 30,000 per 10 gram limit for the first time.
However, it took him six years to perform the feat again. After peaking at 31,438 in 2018, it recorded a high of Rs 35,220 per ten grams last year. From here, one can get an idea of how unnatural its current elevation is.
However, the problem is global and there is no justification to narrow it down to India. Corona and lockdown compulsions have made all investments unreliable.
The US ten-year Treasury note posted a profit of 0.52 percent this week, the lowest level ever. In India, the situation is worse in some cases than there. Investors do not feel safekeeping their money anywhere.
One might think that some people would be making money by buying and selling gold, but this trend is not as much to earn profits by investing in gold as by turning their money into a lifeless capital to avoid tax in a secret place But to keep it safe.
Experts are hoping that this trend will not do much and the situation will improve in two-three months. But the disease of seeing money in the form of gold in our country is so old that it can prove to be another aspect of the crises related to corona.
Gold glow is now decreasing however If it is getting below the 50 K mark and people have to be practical while fully getting involved in it. Even other money alternatives like silver, diamonds can meet the same fate. It is better to stick to fixed deposits, bonds, debentures and but just do not get blind by the glow of gold.
It's market nature, what is rising today may fall tomorrow and If you think riding off a horse will gain support till the end, then surely you are wrong ! as it will fall due to tiredness and probably injury because of continuous riding. In terms of gold or any other precious material investment just choose wisely and live well. (Even if today gold is again 54 K INR above).