If you are thinking of buying gold recently, this news can definitely be good news for you. In fact, during this week Gold (Gold)There was a lot of volatility in the price of and on Friday MCX i.e. Multi Commodity Exchange (Multi Commodity Exchange) 2.20 per cent to Rs. Closed at 50,810. Gold prices are said to have hit a 10-month low in international markets due to the Federal Reserve’s tough stance on raising interest rates amid a sharp rise in the dollar index and rising fears of global inflation. The spot gold price on Friday closed at $ 1,742 per ounce, up from $ 1,780 last week.
How gold prices came down so fast
According to stock market experts, spot gold closed at $ 1,780 an ounce last week. He said the main reasons for the fall in gold prices were the sharp rise in the dollar index, the Federal Reserve’s tough stance on interest rate hikes and concerns over global inflation.
He said the dollar index crossed the 105.80 level and reached a 20-year high of 107.78, pushing the price of gold between 10 1710 and 80 1780 an ounce. He further said that the MCX gold price has touched Rs. 50,400 to Rs. 52,000 per 10 grams are trading in the range while Rs 48,800 is the main support level for this precious metal.
What experts say about the fall in gold prices
Talking about the reasons for the fall in gold prices, Sugandha Sachdev, Vice President, Commodity and Currency Research, Religare Broking Ltd., said that this week has seen a lot of volatility in gold prices and it has lost its momentum. Its international market has reached a 10-month low. He said investors preferred the dollar over gold during the period, which pushed it above the critical level of 105.80 to 107.78 amid a rate hike by banks.
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