gold pricesImage Credit source: File Photo
If you are planning to buy or invest in gold, then there is good news for you. Because gold prices have come down after the Federal Reserve meeting. For the past several days, the prices of gold were rising in India. After the meeting of the US Federal Reserve, there was a decline in gold prices on Thursday. Gold prices declined in the morning trade at the domestic futures market amid weak global cues and subdued demand at the local spot market. The rising US dollar and high US treasuries also had an impact on gold prices.
Let us tell you that gold on MCX opened at Rs 59,700 per 10 grams, falling 0.23 per cent at around 9:45 am today. On the other hand, silver fell 0.30 percent to open at 70841. At the same time, spot gold was at $ 1,957.69 an ounce till 0034 GMT. US gold futures closed down 0.2% at $1,960.10 an ounce.
No clear signs of stopping growth
The Federal Reserve’s May 2-3 meeting did not give a clear indication of stopping rate hikes in June, which is negative for gold. When interest rates fall, the dollar and bonds fall, resulting in lower returns on deposits. In such a situation, people turn to gold, which increases the demand and prices of gold. Macroeconomic factors, such as inflation and currency fluctuations, affect gold prices.
read this also – Gold filled the Delhi market, the price reached Rs 63,600
Gold can go to this level
Brokerage firm ICICI Direct believes that gold prices may trade with a negative trend amid strengthening of the US dollar and rise in US treasury yields. There is a possibility of breaking the level of Rs 59,700 on MCX Gold and going towards the level of Rs 59,860. If you also want to know the rate of gold in your city, then you can find out by visiting your nearest jewelery shop. Apart from this, you can know the prices of gold and silver by giving a missed call on this number 8955664433.