Gold, which was the worst starter in the last 30 years, also lost some momentum in February. This month, the price of 24-carat gold fell ₹2947 and at the same time, money was also weakened ₹1105 in bullion markets. According to a Bloomberg report, after its worst start in 1991, the 2021 yellow metal started badly, due to investors having suffered losses so far this year.
Going with the weekly release, in the first week of February, 24-carat gold became cheaper by ₹1837 and lost money ₹2303. In the second week, gold rose slightly by ₹149 and money also developed by ₹954. In the third week, gold lost again ₹1285, although money gained some benefit from ₹37. Gold has strengthened slightly in the last week of February. Last week, he got up ₹469 per 10 grams to ₹46570. Meanwhile, money has improved as well ₹207.
Gold became cheaper with ₹10,000 from the highest level
Gold has fallen below its peak with ₹9684. On August 7 last year, gold reached its peak ₹56,200 per 10 grams, after which the price of the precious metal has been declining. At the same time, money has become cheaper ₹7387 per kg from last year’s highest price.
Investor movement in bitcoin increased
Strong results in Bitcoin cryptocurrency have attracted investors. In the previous year, the price of bitcoin was recorded to be five times higher than in 2019. This year the price of Bitcoin exceeded the new level of $ 56,000. However, today its price has dropped to $ 46,431.
More demand for money
Overcoming the spread of coronavirus disease, business activity has returned to a fast track, which has led to a rapid demand for money. Investors are getting higher returns in money than gold. Therefore, investors are investing in money instead of gold.
Significant return in US dollars and output
Investors in dollar and U.S. yields have found strong returns amid the Covid-19 crisis. Along with this, the risk is also less. Seeing this, investors are once again pulling money out of gold and putting it into dollars, which have the upper hand on the sale.
Stock market boom
After the Covid-19 crisis, there was a sharp fall in the stock market. After that, investors turned to gold for safe investment. However, the stock market has continued to perform well for the past nine months. With this, investors are again investing in the market and pulling out of gold. However, stock markets around the world fell again on Friday.