According to experts, the direction of gold will be decided by the results of the upcoming meeting of the US Federal Reserve and the signs of softening or increasing geopolitical tensions around the world.
Gold prices have fallen for the second consecutive week in the international market. After the statement of the Federal Reserve chief regarding the cut in interest rates, the effect of strengthening the dollar was seen on the gold price. On MCX, the February 2024 contract closed at 76655 per 10 grams and the spot gold price at $ 2633.2 per ounce. Commodity market experts believe that the Federal Reserve chief’s stance on interest rates has put pressure on the price of gold. However, the decline has been limited due to the geopolitical tensions going on in many places around the world.
Gold prices have fallen for the second consecutive week in the international market. After the statement of the Federal Reserve chief regarding the cut in interest rates, the effect of strengthening the dollar was seen on the gold price. On MCX, the February 2024 contract closed at 76655 per 10 grams and the spot gold price at $2633.2 per ounce. Commodity market experts believe that the Federal Reserve chief’s stance on interest rates has put pressure on gold prices. However, the decline has been limited due to geopolitical tensions going on in many places around the world.
What is the opinion of experts
According to commodity market experts, long-term signals for gold remain strong, but in the short term, gold prices may remain between 75,800 and 77,500 in the domestic market. At the same time, prices may remain in a range in the international market as well. According to experts, the indications for the direction of gold prices will be decided with the results of the Federal Reserve meeting to be held on December 17-18.
If Goldman Sachs is to be believed, there may be a jump in gold prices in the coming time and gold can reach the level of $ 3150 per ounce. According to the report, if concerns about the US economic situation increase, then prices will rise to these levels. Apart from this, the priorities of the US policy next year will also have an effect in determining the direction of the price of gold.
At the same time, according to Jiten Trivedi, VP Research Analyst of LKP Securities, data related to the US economy will keep the price of gold fluctuating in the short term. According to the analyst, gold can trade between $ 2600 and $ 2700 in the international market in the coming time.
In such a situation, experts advise that investors take any decision to invest in gold with a long-term perspective.
(Disclaimer: The advice or views given here are the personal views of the expert, brokerage firm, the website or management is not responsible for it. Before investing, please consult your financial advisor or certified expert.)
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