Gold Price: Gold has reached 5 days low. Gold on MCX slipped below Rs 94,000 per 10 grams. Gold slipped below $ 3280 on Comex. Meanwhile, silver on MCX also slipped below Rs 96, 000 per kg. The price on COMEX also slipped below $ 33. Bazar Jindes believes that if a concrete business agreement between the US and China comes out, the safe haven may decrease the safe haven.
The talks on the US-China deal put pressure on gold. Safe haven purchases also led to a decline. The Indo-Pak ceasefire has also reduced demands. Russia-Ukraine War is also expected to end. The strength of the dollar put pressure on gold.
What is the opinion of experts
Harshal Barot, Senior Consultant of Metals Focus Says that the positive triggers for Gold are currently seen to be there. The ongoing conversation about the Russian-Ukraine ceasefire, the US-Iran, the India-Pakistan War is also negative for gold for the short term. In such a situation, our perspective is that gold can show up to $ 3000 level. For a short term, there may be pressure on gold. Gold on MCX can be seen falling up to Rs 86000-85000 per 10 grams.
However, the rapid opinion of gold in the long term remains intact. Harshal Barot further said that the demand for gold will increase due to stability in prices.
He further said that the market is eyeing US-China conversation. There may be further cuts in interest rates in the US. He said that the opinion of boom in gold in the long term remains intact. Gold can reach $ 4000 in 1–1.5 years.
VP Kunal Shah of Nirmal Bang Securities Says that there may be pressure in gold in the Near Term and it can increase even further. Currently, there is a bearish outlook on gold. The reason for the rise in gold prices was uncertainty about the trade war between the US-China. Gold in short term can show up to $ 3000 level. He can show the price of gold in India up to Rs 91000-90,000 per 10 grams.
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