If you are planning to buy or invest in gold, then buying gold can be very expensive for you. Because today, before the US inflation data to be released later on June 13, gold prices have started increasing gradually. May inflation is expected to decline from 4.9% in April to 4.1% and may come down to 5.3%. The expectation is that inflation can make the case for higher interest rates over a longer period of time. In the US Federal Reserve’s monetary policy review meeting on June 14, experts expect rates to remain steady at 5 to 5.25%, but are considering a 25 bps hike in July.
Gold prices opened at Rs 59,755 per 10 grams on the Multi Commodity Exchange (MCX) on Tuesday and touched a low of Rs 59,743. In the international market, the prices were hovering around $1,958.42 per troy ounce. Meanwhile, silver opened at Rs 73,298 per kg on MCX on Tuesday and touched a low of Rs 73,250. In the international market, the price was around $ 24.11 per troy ounce.
The gold rate for 24 carat gold in Mumbai on June 13 is Rs 6,200 per gram, and for 22 carat gold it is Rs 5,800/gram. The rate of 18 carat gold is Rs 4,850 per gram. At the same time, the current gold rates in Ahmedabad are Rs 61,600 per 10 grams for 24 carat gold and Rs 56,450 per 10 grams for 22 carat gold.
gold price forecast
Citigroup expects gold to average around $1,965 an ounce in the near term, while MetalFocus expects an average of $1,890 an ounce. Commerzbank suggests that if the Fed holds off on raising rates, gold could trade between $2,000 and $2,050 in the third and fourth quarters. Bank of America has projected a higher upside for gold in the third quarter to $2,100 an ounce.
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There may be an impact on the market of precious metals
Key events to track this week include the US Federal Open Market Committee (FOMC) meeting on June 13-14, the European Central Bank (ECB) meeting on Thursday and the Bank of Japan meeting on Friday. These incidents are expected to affect the market of precious metals, due to which there can be a lot of fluctuations in the prices of gold in future.