Suspense Crime Sach Ka Dam
Commodity experts say that despite the aggressive trade policy of the newly elected US President (who will take office in January) Donald Trump, the price of gold has crossed the level of ₹ 80,000 per 10 grams in major Indian cities. Gold has also been seen recovering from the impact of the strong US dollar. According to PTI news, they also say that the precious metal is getting stronger due to the increase in geopolitical tensions due to the Russia-Ukraine war. It has crossed the level of $ 2,700 per ounce in the global market.
Gold prices had fallen by 8 percent.
According to the news, the price of gold on the Multi Commodity Exchange (MCX) fell by Rs 6,775 or 8.5 percent to Rs 73,000 per 10 grams, as expectations of a restrictive trade policy by the US rose after Donald Trump’s victory. Gold prices had fallen by 8 percent after the US election results. Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said that the strong US dollar index which rose from US $ 101 to 107.5 put a lot of pressure on gold, while Trump’s stance in favor of cryptocurrency during the campaign led to investors’ funds looking for higher returns.
That’s why the pressure on gold increased.
Experts, however, also say that the US Federal Reserve’s (Fed) cautious stance towards policy interest rates and the strong US dollar are acting as headwinds for bullion. Trump’s pledge to impose a 10 percent tariff on all US imports limited the Federal Reserve’s ability to aggressively discount prices, further increasing pressure on gold. Geopolitical tensions boosted safe-haven demand with renewed fears of nuclear risks in the ongoing Russia-Ukraine conflict, pushing gold prices higher.
Gold regained its lost ground.
Analysts said gold has regained its lost ground and the bullish trend is intact and the precious metal is likely to trade in the range of Rs 77,000-78,300 on MCX. In the spot markets, gold of 99.9 percent purity rose by Rs 1,100 to hit a two-week high of Rs 80,400 per 10 gram, while the price of gold of 99.5 percent purity rose by Rs 1,100 to regain the Rs 80,000 level on Friday. Meanwhile, gold contracts for December delivery in futures trading on MCX on Friday closed up by Rs 69 or 0.09 percent at Rs 77,685 per 10 grams.
You will get support during the wedding season.
There is interest in buying gold jewelry due to the ongoing wedding season in India. Malabar Group Chairman M P Ahmed said that the wedding season is important for our business, with bridal or wedding jewelry holding a significant share in sales. During the ongoing wedding season this year, we are seeing good demand for bridal jewelry across all our stores in India. Analysts said market participants will also await US third-quarter GDP data, which will provide further direction for the yellow metal.
