Investors’ interest in gold is increasing. If you look at the investment made in Gold ETFs in February, its picture is clearly visible. At the same time, it is estimated that the price of gold will come down to 54,000.
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upheaval in the stock market (Stock Market Vitality) trend of people investing in gold among (Invest in Gold) Has increased with. Its picture Gold ETF in the month of February (Gold ETFs) It becomes clear by looking at the investment made in Before February, where investors had withdrawn from Gold ETFs for 3 consecutive months. On the other hand, due to the slight softening in the prices of gold, a tremendous increase has been recorded in it in February.
Investors have made a net investment of Rs 165 crore in Gold Exchange Traded Fund (ETF) in February. Whereas in January, Rs 199 crore was withdrawn out of this.
There was heavy evacuation in December-November as well
Association of Mutual Funds of India (AMFI) According to the data, investors had withdrawn Rs 273 crore from Gold ETF in December 2022 and Rs 195 crore in November. However, in October, an investment of Rs 147 crore came in Gold ETF.
PTI has quoted Kavita Krishnan, senior analyst of Morningstar India, as saying that in February, where most of the markets have seen a trend of withdrawal of investment among investors. On the other hand, in the Indian market, on the contrary, huge investment has been seen in Gold ETFs. The main reason for this is the slight improvement in the prices of gold. Whenever there is a fall in the prices, the demand for ETFs increases.
Demand for physical gold increased during wedding season
The demand for gold in the Indian market depends on the season of marriage. world gold council (World Gold Council) According to the report, its demand has improved in February 2023. A 3 per cent fall in local gold prices and the wedding season have helped in this. Whereas in January, gold imports came down to a 32-month low of just 11 tonnes.
Will the price come down below Rs 54,000?
Due to the policies of the US Federal Reserve, the international prices of gold have seen a breakdown in recent times. This week its price has come up to $1800 per ounce. While last month it reached a height of $ 1960 per ounce. Its price has now come down by 7 percent. Its prices in India have come down to Rs 55,000 per 10 grams, which reached a high of Rs 58,826 per 10 grams.
Jerome Powell, chairman of the US Federal Reserve, has recently indicated further increases in interest rates. After this, a cautious attitude is being seen among those investing in gold. In such a situation, it is expected that there may be further softening in the price of gold. Quoting Harish V, Head of Commodities, Geojit Financial Services, in media reports, it has been said that due to this, gold prices can come up to Rs 54,000 in the domestic market as well.
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Disclaimer:TV9 Group advises you to invest in gold at your own discretion and must consult an expert.
