Gold Price: Some strong demand was seen in gold in the first quarter of the new financial year. At the same time, the price of gold had touched a high of Rs 61,800 at the beginning of last month, but now it has declined by more than Rs 2,500 per 10 grams due to the strong US dollar.
Gold Price: A fall in gold prices can be seen these days. The yellow metal (Gold Price) has remained in the same range for a long time. Now its prices have come down from the level of 60 thousand rupees per 10 grams. However, despite the huge demand in the last month, there is a lot of pressure on gold. In such a situation, know here whether it would be right for you to buy gold at this time or not.
Prices depend on the US Fed
In this case, experts say that before the US Fed meeting on June 13, the price of gold is around Rs 60,000. According to experts, many kinds of speculations are being made, in which it is also being said that after 10 consecutive hikes, will the Fed reduce the interest rate in the June meeting or will it maintain its aggressive attitude again.
Know how much the basis of rupees is being made
Quoting the media that after seeing a big boom in the first quarter of this calendar year, gold has seen some profit booking from higher levels amid a strong dollar and rise in treasury yields. It is also being said that now gold is preparing a base of around Rs 60,000 for the next bull run. At the same time, if market analysts are to be believed, the summer season is traditionally considered a weak season for gold prices, as there are no specific reasons in these futures to increase its demand.
Gold prices may increase again
Experts say that the results of the upcoming US Fed meeting may also be responsible for affecting the gold rate. The picture will be clear only after the meeting. He said that the dollar index has not been able to sustain the level of 104.50, which is a major trigger for the rise in gold. US inflation and US unemployment numbers may lead the Fed to hold interest rates, which may be the reason for the rise in gold prices.
This much decline can come
Experts say that RBI’s intervention to support the Indian currency in the domestic market will affect gold rates, but the bullish outlook on gold will be maintained till it falls below Rs 58,600 level. At the same time, it can also go up to Rs 61,440. Above this, the next level can be Rs 62,500 and Rs 63,650 per 10 grams.
According to experts, this latest change in interest rate expectations is making it difficult for gold to move higher, as it is supporting the US dollar, which is trading at a three-month high. According to him, if gold breaks its near-term support, then it may fall to Rs 59,200-58,400. According to IBJA Rates, on last Friday, gold prices closed at Rs 59,960 per 10 grams, this calculation has been done without tax.
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