Gold Price Trend: Gold will come forward or be a softening stance? Experts gave these signs
Gold prices are likely to be quite upset in the coming weeks. Amidst global signals, market experts say that gold prices may increase in the coming week due to the tendency to escape in the world, frequent weakness in the US Dollar Index and business related events. According to PTI news, he also says that investors will keep a close watch on the US consumer price inflation (CPI) and retail sales figures, this can give further direction to gold prices.
Weak rupee may also increase prices
According to the news, LKP Securities Vice President Research Analyst, Commodity and Currency, Jatin Trivedi says that a strong gold business is expected in the coming week, provided it remains above Rs 97,000 per 10 grams on MCX. Fresh concern over tariffs and continuous weakness in the dollar index is increasing the tendency to avoid global risk. He also said that a weak rupee can further promote the rise in gold prices. Last week, yellow metal futures for August delivery on the Multi Commodity Exchange (MCX) rose by Rs 842 or 0.86 percent.
Comprehensive trade war concerns increased again
Commodity Research Head of Geojit Investments Harish V. said yellow metal was weak due to decrease in tension between Israel and Iran and less than expected non-agricultural payroll data in the US. However, the prices re -boiled after US President Donald Trump put up new tariffs between 35 to 50 percent on Canada and Brazil, which again increased the concerns of a comprehensive trade war and increased demand for bullion. Harish V. said that traders are keeping a close watch on the ongoing negotiations between India and the United States, which can affect the perception.
Gold prices rise by about 3% on MCX
In Angel One, DVP, Research, Non-Agricultural Commodities and Curreates, Prathamesh Mallya said that gold prices on MCX increased by about 3 percent, which increased from Rs 94,951 per 10 grams on June 27 to Rs 97,830 per 10 grams on 11 July. Meanwhile, comex gold futures in international markets have jumped about 2.8 percent in the same period. He credited this speed to the aggressive tariff measures taken by the Trump administration on goods including copper, aluminum and pharmaceuticals. The sign of President Trump not extending the tariff deadline of August 1 has increased the uncertainty in the market.
The price will increase to Rs 1,00,000 per 10 grams on MCX!
Mallya estimates that in the near future, a possible growth of MCX is estimated at $ 3,500 an ounce and Rs 1,00,000 per 10 grams. On Friday, comex gold futures for August delivery rose at $ 38.30 or 1.15 percent to close at $ 3,364 an ounce. Commodities and CRM chief NS Ramaswamy in Ventura said that a major resistance level of $ 3,360 of gold has been tested and a decisive decline will establish further boom.
Latest business news
