Gold Price Outlook: After the announcement of the US Federal Reserve, the dollar is steadily rising while the price of gold continues to fall. On MCX, the price of gold has fallen by about Rs 2200 this week.
Gold is seeing a fall due to the rise in the dollar.
Gold Price Outlook: Ever since it has been announced by the US Federal Reserve that it will increase the interest rate prematurely, its effect is clearly visible on the gold price. This week there was a fall in the price of gold on a daily basis and there has been a huge fall in the price of gold by Rs 2200 on MCX in a week.
Last week the closing price of gold was Rs 48903 per ten grams. This week it closed down by Rs 2175 at Rs 46728 per ten grams. In the international market too, a huge decline of 5.88 percent has been recorded in gold this week. In the international market, last week gold had closed at the level of $ 1879. This week it closed at the level of $ 1769. In this way, it has fallen by $ 110 per ounce in one week.
24 carat gold became cheaper by Rs 1762 on IBJA
According to the information available on the website of Indian Bullion Jewelers Association ie IBJA, this week 24 carat gold closed at Rs 47266 per ten grams. Last week its closing price was Rs 49028 per ten grams. In this way, the bullion rate of gold has come down by Rs 1762 per ten grams.
Dollar index up 1.83 percent this week
In fact, the US Federal Reserve said that it will increase the interest rate twice in 2023. At present the interest rate is near zero. The dollar has risen since the Federal Reserve’s announcement. This week the dollar index has gained 1.83 percent and it closed at 92.325 level. This index shows the strength of the dollar against the world’s six major currencies. Whenever the dollar rises, the pressure on the price of gold increases.
Gold can reach the level of 45500, so wait and wait
Regarding the fall in the price of gold, bullion experts say that very soon gold will reach the level of 48500. In such a situation, whenever there is a fall in it, investors should buy. According to NS Ramaswamy of Ventura Securities Ltd in a report published in Mint, gold can reach the level of 45500 on MCX. In such a situation, market experts say that when the market opens on Monday, there is a possibility of further decline in it. Investors should wait till the downtrend reverses and picks up. After that it will easily reach the level of 48500.
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