Gold Price Today: There was a big drop in the price of gold due to the reduction of custom duty on gold and silver in the general budget. However, on August 1, the price of gold rose again, as gold bounced off the lower levels after the US Federal Reserve’s commentary on interest rates. Now the question is whether one should buy gold at the current price or wait for further decline. Currently, the spot price of gold in the bullion market is Rs 69721. The question is how much can gold go up and down from these levels. What are the factors that will affect the price of gold? Commodity experts have given their views on this.
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Which levels are important for gold
Anuj Gupta, Commodity Head at HDFC Securities, said that the level of Rs 69000 is an important support for gold in the near term. At the same time, there is resistance at Rs 71500. At present, there is little possibility of gold prices going down from the current levels. Because, the upcoming reduction in interest rates in the commentary of the Federal Reserve will be a positive factor for gold. At the same time, due to increasing tension in the Middle East, gold rates may increase. Because, investment in gold increases due to increasing geo-political tension.
At the same time, Prathamesh Mallya of Angel One Limited also said that due to these geo-political tensions and the possibility of reduction in interest rates, the rise in gold is expected to continue. Let us tell you that due to the reduction of custom duty on gold in the General Budget 2024, the price of gold has fallen sharply. Due to this, the demand for jewelry has increased.
There is a huge demand for gold and silver in Mumbai’s bullion market. Due to the reduction in custom duty on gold, the daily demand has increased by 20%. Bullion traders are hopeful that the sale of jewellery will be good this festive season.
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FIRST PUBLISHED : August 2, 2024, 15:06 IST