Due to the slowdown in the global market, there was a fall in the price of gold on the Indian exchange on Monday. Today, gold has become cheaper for the sixth consecutive session, while in a week it has come down by about Rs 1600. In the global market too, prices have reached a two-week low.
New Delhi. This is the right time to buy gold. Despite being the wedding season, gold prices fell for the sixth consecutive day due to the sluggishness in the global market. On Monday also, gold fell 0.44 percent. Within a week, its prices have come down by about Rs 1,600.
On the Multicommodity Exchange (MCX), the futures price of gold of 24-carat purity fell by 0.44 per cent, or Rs 230, to Rs 52,030 per gram on Monday morning. Silver also saw a fall and the futures price fell by 1.25 per cent or Rs 829 to Rs 65,717 per kg. In the last six trading sessions, gold prices have fallen by about Rs 1,600 per 10 grams.
Global market prices at two-week low
Gold prices continued to fall after the US Fed Reserve indicated a tightening of monetary policies and raising interest rates. The spot price of gold in the global market has reached a two-week low. On Monday morning, the spot price of gold fell 0.3 percent to $ 1,923.74 an ounce. This is the lowest price since April 7 at $ 1,923.30 an ounce.
Apart from gold, the spot prices of other precious metals have also declined. Silver fell 1 percent to $ 23.89 an ounce, platinum fell 0.4 percent to $ 927 and palladium fell 2.9 percent to $2,305.69. Experts say that the major reason for the fall in gold prices is also the strength of the dollar.
Gold price will go below 52 thousand
Experts believe that after the increase in interest rates by the US Fed Reserve next month, gold and silver prices will fall further. In the global market, gold can go up to $ 1,905 per ounce, while in the Indian market it will go below 52 thousand. Experts estimate that gold will remain in the range of Rs 51,650 – 52,500 per 10 grams.
Gold broken by IMF prediction
The International Monetary Fund (IMF) has forecast a slowdown in the growth rate of the global economy. The IMF said that in the current financial year, the global economy will grow at the rate of 3.6 percent instead of 3.8 percent. After this, the prices of Brent crude saw a fall of 5 per cent and the demand for the yellow metal also increased. The IMF also forecast an increase in inflation, which led to a fall in the price of precious metals, as its demand became sluggish.
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