Gold Price Outlook: There has been a decline in gold prices for the last few days. On Friday, the domestic futures price of gold on MCX exchange closed at Rs 70,668 per 10 grams. On April 12, 2024, MCX Gold made a record high with a price of Rs 73,958 per 10 grams. In this way, in less than a month, gold has become cheaper by Rs 3290 per 10 grams from its record high level. In the last week itself, gold has fallen by Rs 832 per 10 grams. Not only this, gold prices have also fallen in the global market. This week, gold has become cheaper by $ 48 per ounce in the global market. It closed at $ 2301 an ounce on Friday.
price of 24 carat gold
Talking about domestic spot price, on Friday the spot price of 24 carat gold closed at Rs 71,191 per 10 grams. This gold was at Rs 73,477 per 10 grams on 18 April 2024. In this way, the price of gold has fallen by Rs 2286 per 10 grams in less than a month.
How was the condition of gold in April?
According to Kedia Advisory, in the month of April, gold prices opened at Rs 68,699 per 10 grams. In April, gold prices reached a maximum of Rs 73,958 per 10 grams. At the same time, the minimum went up to Rs 68,021 per 10 grams. In April, gold prices closed at Rs 70,466 per 10 grams. In this way, gold prices have increased by 3.93 percent or Rs 2666 in April.
Factors driving up gold prices
1. Increase in geopolitical tension
2. Increase in demand for gold from central banks
3. Strength in global gold demand
4. Increase in demand as safe haven investment
5. High demand from Asia
These are negative factors
1. Dollar index remaining stable
2. US Treasury bond yields rise
3. Reduction in geopolitical tension
4. Strong economic data
5. Indicators showing overbought zone
What are the experts saying?
According to Ajay Kedia, CMD of Kedia Advisory, ‘There has been an 8 percent increase in gold demand in India in the March quarter. But according to the World Gold Council, gold consumption may decline in 2024 due to high prices. Technically, there are signs of possible reversal in gold prices. Several indicators on the weekly charts are showing overbought conditions. Below the level of 71,200, support can be seen at Rs 70,200. If the decline continues, prices may go below Rs 69,600 to Rs 69,000 per 10 grams. After this, after crossing the resistance of 71,600, the prices will move towards the level of 72,800 and then 74,000.
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