Gold rate today: Despite the signs of recession in the US, increasing geo-political tension around the world and deepening trade war between the US and China, the price of gold has remained stable, whereas it should have happened that in such a situation the price of gold would have increased rapidly. After all, why is this happening? Will the price of gold return to its upward trend or will it fall further? You must be aware that the reduction in custom duty in the budget had led to a big fall in the price of gold. Let us know what can happen in gold going forward.
Gold moves like the stock market
On Friday, on the Multi Commodity Exchange (MCX), the price of gold closed at ₹ 69,850 per 10 grams, which is ₹ 58 per 10 grams more than last Friday’s closing price of ₹ 69,792 per 10 grams. COMEX gold price closed at $2,470 per troy ounce, down $16 per troy from last weekend’s close of $2,486. The volatility in gold prices last week is surprising to most gold investors as a big jump in the yellow metal price was expected due to global uncertainties. However, on the contrary, gold prices followed the stock market movement and fell by 4.40 percent from Friday’s high to Monday’s low and rose by 2.50 percent from Monday’s low.
Will gold become cheaper or will the boom return?
According to commodity market experts, there will not be a big change in the price of gold in the coming months. Gold will trade in a range bound. This is because the peak of gold price in early August was lower than the July record. Moreover, gold declined in the next three days, which indirectly indicates a decline in sales for a long time. At the same time, central banks around the world have slowed down gold purchases. But retail sales are likely to continue. Considering all these factors, it is estimated that there will not be any major rise or fall in the price of gold.
