Gold prices fluctuated due to volatility. On the 23rd, a gram of gold traded at Rs 4,719 and a pound at Rs 37,752. The price of gold skyrocketed just as Russia launched its offensive against Ukraine.
That is, the day before yesterday, the rupee had risen by Rs 232 to Rs 4,951 per gram and the pound had risen by Rs 1,856 to Rs 39,608. This sudden rise in prices came as a severe shock to the public. It was also meant to give a boost to those who wanted to buy gold for various auspicious events.
Fall
The main reason for the rise in gold prices was the reluctance of investors to invest in the stock market and their continued investment in gold. But as if it were calm after the storm, gold prices plummeted as of yesterday morning.
The gram traded lower by Rs 142 to Rs 4,809 and the pound by Rs 1,136 to Rs 38,472 as of last evening. But the price did not reach the 23rd level. On the contrary, it was a bit of a relief to see the price go down. It is safe to say that gold prices plummeted and John slipped.
What is the reason?
When asked about this by Jayanthilal Shalani, President of the Chennai Diamond and Gold Merchants Association, he said: –
In the Ukraine-Russia war, there was talk that China’s support for Russia and US support for Ukraine would have a major impact. Assuming that this would likely have a large impact on the economy, investors in the economic stock market cut back on investment and became more interested in investing in gold. So its price was very high yesterday (the day before yesterday).
But as the expected amount of world countries did not come forward to help the two countries, there was no impact on the economy. So investors have started to reduce their interest in investing in gold and start investing in the economic stock market again. So the price of gold has fallen slightly. In such a situation, the ups and downs in the price of gold will continue.
Thus he said.