Gold prices on the MCX during the late evening trade on April 14 closed lower by Rs. 354 at Rs. 46621 per 10 gm. Nonetheless, in the spot market, prices have scaled by a huge Rs. 1000 per 10 gm in the National capital region. And silver prices also went higher by Rs. 1500 to trade at Rs. 70000 per kg.
And if you are considering investment into these precious metals, IIFL Securities' Anuj Gupta has suggested a strategy. Even as the surging yield took the sheen off the yellow metal, depreciating weigh could make gold expensive for local customers.
In the international markets, drag in the dollar index is keeping the pace of gold prices stable.
Now, investors who hold gold and silver futures, there will be higher margins as the weakening rupee shall support gold prices. Also, the prices shall get a boost owing to rising coronavirus cases in the country.
For domestic consumers, weakening rupee could become a setback as prices may go up also because of higher import cost. And if you are willing to put your bet on these assets as prices shall be boosted by demand during Akshaya Tritiya and wedding, now is the right time.