Budget After this, there has been a big drop in the price of gold and silver. Gold has become cheaper by about Rs 6000 per 10 grams and silver by Rs 8000 per kg. However, today there is an increase in the price of gold and silver. Due to the rise in international bullion prices, there is a jump in the price of gold on MCX on Tuesday. The price of 24 carat gold on MCX has increased by Rs 109.00 to Rs 68,377. At the same time, the price of silver has reached Rs 81,545 per kg with a gain of Rs 258.
Volatility likely to remain high
Commodity experts say that volatility in gold prices is likely to remain high. The yellow metal may see support at ₹ 67,000 and resistance at ₹ 69,800. Support for silver is placed at ₹ 80,200 and it may face resistance at ₹ 85,600. MCX gold has fallen more than 4% so far in July, while on the other hand, Comex gold has gained about 2.9%. This week is important for gold prices as some global central banks, including the US Federal Reserve, are going to announce their monetary policies.
What should small investors do?
If you want to buy gold for your needs, then this is a good opportunity. Taking advantage of the reduction in the price of gold, you can buy the jewellery you need. However, do not buy the entire price at once. You can wait a little more. If the price of gold falls, then buy again. The rate of 22 carat gold is expected to come down to 60 thousand per 10 grams.
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