Gold Rate Outlook: Nowadays, gold prices seem to be within the reach of common people. In 10 days, gold rates have come down by Rs 4750 per 10 grams and due to this, gold has become cheaper by about 6 percent from its upper rate. However, there is an international connection behind the falling prices of gold and those who know it can understand why this connection will have a deep impact on the price of gold in the future.
Gold prices fell in the international market
In the global market, the price of gold on Comex has come down to $ 2,570.10 per ounce and is much below its upper level. In the last one week, gold had gone down to the rate of $ 2622.45 per ounce and thus the rate has come down by more than $ 50 per ounce. In this, rates of $ 2678.70 per ounce were seen around the beginning of October.
How have conditions changed in the international market?
In America, the dollar is strengthening after the Federal Reserve reduced interest rates in two consecutive FOMC meetings and its effect is being seen in the form of falling gold prices. At present, the bullish view of experts on the price of gold has reduced a bit and amid the latest global conditions, there is a possibility of the gold rate rising less rapidly than before. This may be a matter of some trouble for gold investors, but it will prove to be good news for common buyers who are waiting for gold to become cheaper during the wedding season.
Earlier there were estimates of going up to 3000 dollars – now the environment has changed
Gold has a direct inter-relationship with the dollar and when the value of the dollar goes up, there is a correction in the price of gold. However, by the beginning of November this year, amid the continuous rise in gold prices, commodity experts had predicted that the gold rate in Indian Rupees could go up to Rs 85,000 per 10 grams. Citigroup and Goldman Sachs had estimated the price of gold to reach $3000 in the international market. Based on the reports in early October, the price of gold was expected to go towards $ 3000 per ounce.
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