Gold Price Forecast: If you are planning to buy gold, then this news is special for you. Yes… you have a chance… because gold has become cheaper by about 6500 rupees from the record height. In the coming days, prices may slide further down. According to experts, there is a possibility of pressure on prices in the short term. In fact, the rise in the dollar index and the expectation of the Corona virus vaccine worked to put pressure on the price of gold. Not only this, due to the declining demand in the global market, prices have also suffered a setback.
Experts say that due to the continuous decline in the price of gold, once again the price has reached below 50 thousand rupees after months. On the other hand, traders reduced their deposit transactions due to weak spot demand, due to which gold fell 0.2 percent to Rs 49,806 per 10 grams in the futures market on Friday. In October, the price of gold contract for delivery in MCX fell by Rs 98, or 0.2 per cent, to Rs 49,806 per 10 grams. It traded for 4,219 lots. In New York, gold fell 0.09 percent to $ 1,875.30 an ounce.
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Experts have said that now gold prices are expected to remain under pressure for the next one month and it can slip to around 47000. However, this weakness will be seen only for a short time. If you look at the three-month outlook, gold can be seen back around its record high.
Know why the price was climbing: According to market experts, compared to the price of August 8, gold and silver prices have seen heavy fall within one and a half months. Due to the rise in the price of gold in the international market, prices were increasing in the domestic market as well. The biggest reason for the price rise in the global market is the trade war between China and the US… Also the negative news from the worldwide economic front is the reason for this, but now the situation has shown little improvement than before. However, due to the strengthening of the dollar price, fluctuations in the price of gold are expected to be seen.
How far prices can go: Experts believe that weakness in gold is only for a short time. Around Diwali, gold prices are expected to rise once again. With the improvement in demand, gold can again touch the level of Rs 52000. Not only this, by the end of December, gold can touch back to the level of 56000. However, if we look at the market at present, the price of gold can come to around 47000-48000 rupees.
