FM Nirmala Sitharaman on Gold Price Volatility: In the last few days, there is a lot of uncertainty in the prices of gold and silver in India. At the beginning of last month, gold and silver prices were hitting all-time highs almost every day, but the last few days have seen heavy profit booking.

On Monday, February 2, silver had slipped by more than Rs 1,94,000 from its record high level. At the same time, gold was also trading around Rs 1,37,000. The government has broken its silence on the fluctuations of gold and silver.

Finance Minister’s statement on gold prices

On Monday, Finance Minister Nirmala Sitharaman told news agency PTI that the atmosphere of uncertainty prevailing in the international market is having a direct impact on gold prices. The Finance Minister said that investors across the world are not able to completely trust any one currency at this time, due to which they are turning to the commodity market. Due to this, fluctuations are being seen in the price of gold.

Gold price fell 20% in 5 days

According to India Bullion data, the price of gold has fallen by more than 19% in just the last five days. On January 29, it had made its all-time high at the level of Rs 170,480. Today it made an intraday low at Rs 137065. However, later a slight recovery was seen and it was trading around Rs 1,49,000 per 10 grams.

During the Finance Minister’s budget speech, gold had fallen to around Rs 13,000, although later there was a slight recovery. On Sunday, gold had closed at Rs 1,47,753 per 10 grams, but as soon as trading started on MCX on Monday, it slipped to Rs 1,43,321 per 10 grams.

Government’s emphasis on labor intensive sectors

The Finance Minister further said that the priority of the government is to use investment as a tool that can accelerate development. In this time’s budget, emphasis has been laid on labor intensive sectors. Nirmala Sitharaman In his budget speech, he has talked about maintaining fiscal prudence and monetary stability. The government aims to increase public investment and continue the economic recovery.