If you are planning to buy gold, then wait for a few days. Gold is expected to become cheaper. Actually, after the fear of Third World War ends in the world, the pressure on the price of gold is likely to increase. Along with this, investors are waiting for the US macroeconomic data to get an indication of the possible direction of the Federal Reserve on interest rates.
Experts say that due to the reduction in tension on the global front and the inclination towards risky assets like the stock market, market sentiment is moving away from safe asset classes like gold. Due to this, the price of gold has come down in recent days. On Friday, gold futures price on MCX closed down by Rs 1,563 or 1.61 percent at Rs 95,524 per 10 grams.
The price of gold may come down to 93 thousand
Federal Reserve Chairman Jerome Powell said last week that interest rate cuts are possible but not immediately. This will keep gold prices under pressure worldwide. Jatin Trivedi, Vice President, Commodity and Currency Research Analyst Section, LKP Securities, said that the reduction in tense situations in West Asia has put pressure on the sentiment regarding gold. Due to this, investors are turning from safe investments to risky investments like the stock market. According to Trivedi, gold may remain between Rs 93,000 and Rs 97,500 per 10 grams on MCX in the coming week.
Gold has become cheaper by Rs 5500
Let us tell you that in the last few days, gold has become cheaper by Rs 5500 from its record price. On June 16, the price of gold on MCX reached a record high of Rs 1,01,078. If we look at that price, gold has fallen by about 5%. Now the question arises that why is there a decline in gold, then there are many reasons behind it. The tension in the Middle East has reduced due to the end of the Iran-Israel war. The end of the war has brought stability to the market and the prices of gold and silver have fallen. On the other hand, if the Fed cuts interest rates, a big decline can be seen.
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