Gold rate today: Despite the signs of recession in the US, growing geo-political tensions around the world and the deepening trade war between the US and China, gold prices have remained stable, whereas in such a situation, the price of gold should have increased rapidly. Why is this happening? Will the price of gold return to its upward trend or will it fall further? You must be aware that the price of gold had fallen sharply due to the reduction in custom duty in the budget. Come, let us know what can happen to gold in the future.
Gold moves like the stock market
On Friday, on the Multi Commodity Exchange (MCX), the price of gold closed at ₹69,850 per 10 grams, up ₹58 per 10 grams from last Friday’s close of ₹69,792 per 10 grams. The COMEX gold price closed at $2,470 per troy ounce, down $16 per troy ounce from last weekend’s close of $2,486. The volatility in gold price last week came as a surprise to most gold investors as the yellow metal was expected to see a big jump due to global uncertainties. However, on the contrary, gold prices followed the stock market movement and fell by 4.40 percent from Friday’s high to Monday’s low and rose by 2.50 percent from Monday’s low.
Will gold become cheaper or will the rise return?
According to commodity market experts, there will be no major change in the price of gold in the coming months. Gold will trade in a range bound. This is because the peak of gold price in early August was lower than the July record. Apart from this, gold declined in the next three days, which indirectly indicates a decline in sales for a long time. At the same time, central banks around the world have slowed down the purchase of gold. But retail sales are likely to continue. Considering all these factors, it is estimated that there will not be a major rise or fall in the price of gold.
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