Gold Price Today: Will the price of gold fall further after becoming cheaper by ₹4,300? The easing of trade tensions between the US and China and the movement of the dollar have caused a stir in the market. Know why experts are saying that it may be beneficial to wait a bit before buying now!
Gold Price Today: Gold prices have been under a lot of pressure for the last three trading sessions. After reaching a record level of ₹ 99,358 per 10 grams on Tuesday, the price of gold on MCX closed slightly above ₹ 95,000 per 10 grams on Friday. This means that the gold rate fell by about ₹ 4,300 from the record high. Let us know why the price of gold fell and is this the right time to buy?
Why is there pressure on gold prices?
According to commodity market experts, gold prices have been affected by the rapid recovery of the US dollar and the reduction in US-China trade tensions. Both the US and China are considering reducing tariffs on each other. After such news, the US dollar index rose sharply after falling below 98. This strengthened the dollar and put a break on the rise in gold.
US-China trade tensions ease
Jatin Trivedi, Vice President of Commodity and Currency Research at LKP Securities, says that expectations of a possible easing of the trade dispute between the US and China have recently pulled down gold prices. He said, “China has reduced tariffs on some US products by 145%. This has indicated that it may be ready for negotiations. This factor has increased investors’ risk-taking tendency and has reduced the demand for safe investments like gold.”
Is this the right time to buy gold?
Nitin Kedia, founder of Kedia Fincorp, says that despite the recent fall in gold prices, investors should wait for now to buy. According to him, US President Donald Trump has indicated that he may soften his stance on China even more. In such a situation, gold prices may fall even more, which investors and jewelry buyers can take advantage of.
Jatin Trivedi also advises that those investing in gold should be cautious about the news related to US-China trade talks. If there is progress in the talks between the world’s two largest economies, then further selling can be seen in gold.
Experts believe that gold prices are currently in a consolidation phase. On the one hand, geopolitical uncertainty is supporting the prices, while on the other hand, there is pressure from the slowdown in trade talks and a strong dollar. Festivals like Akshaya Tritiya may increase demand, but it seems difficult for gold to cross the recent record high level at the moment, unless there is a new big positive trigger.
Gold rates today in Delhi, Mumbai and other cities
According to the India Bullion and Jewelers Association (IBA), here are the gold prices in major cities of India today:
- Delhi: ₹94,930 per 10 grams
- Mumbai: ₹95,090 per 10 grams
- Bengaluru: ₹95,170 per 10 grams
- Chennai: ₹95,370 per 10 grams
- Kolkata: ₹94,970 per 10 grams
