Gold Price Outlook : Gold prices had hit a new high of Rs 66,943 per 10 grams on MCX exchange last week due to expectations of 3 rate cuts in 2024 by the US Federal Reserve. However, profit booking was soon seen and gold price fell by more than Rs 1000 per 10 grams. Due to this, the future price of gold has come down to Rs 65,870 per 10 grams on Friday. According to commodity market experts, gold prices have come down from record high due to profit booking.
Gold can go up to Rs 67,500
According to experts, there is still fire left in gold and prices can go up to Rs 67,500 per 10 grams on MCX. At the same time, the price of gold in the international market can reach $ 2,230 per ounce. Talking about silver, the price of silver on MCX can go up to Rs 78,000 per kg. At the same time, gold can go up to $ 28 per ounce in the global market.
Will remain strong this year
Gold is expected to remain strong this year. Gold prices will see further momentum due to the much-awaited US Fed rate cut. Because US Fed rate cut means investors will get cheap money. This will increase inflation and gold acts as a hedge investment against inflation.
Gold and silver price on MCX
On Friday, on MCX exchange, gold futures for delivery on April 5, 2024 closed at Rs 65,870 per 10 grams with a marginal gain of 0.02 per cent or Rs 12. At the same time, silver for delivery on May 3, 2024 closed at Rs 74,810 per kg with an increase of 0.03 percent or Rs 23.
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