PC: tv9hindi
There has been a huge fall in gold prices in recent times, due to the strengthening of the dollar index. Experts suggest that the dollar index could reach 110 levels, which could potentially cause gold prices to fall by more than Rs 55,000 per week. This means that in the coming week, gold prices may see a fall of about Rs 2,000. At present, a decline is already seen in the prices of gold and the prices of silver have also declined.
Current prices of gold and silver:
There has been a huge fall in the prices of gold and silver on the Multi Commodity Exchange. According to the latest data, gold prices are trading around Rs 56,865 per 10 grams, down by Rs 62 since morning. Gold opened today at Rs 56,775. Meanwhile, silver prices are currently down by Rs 285 at around Rs 67,109 per kg. Silver started the day at Rs 66,901.
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Slight decline in international gold prices.
Apart from this, a slight decline has also been seen in the prices of gold at the international level. In the New York Comex market, the futures price of gold has fallen by more than $ 4 an ounce, currently, the prices are at $ 1,837.40 an ounce. Spot gold prices were trading flat at $1,822.45 an ounce. A decline of 0.69% has been observed in silver futures and it is trading at $ 21.23 an ounce, while the silver spot price has declined by 0.44% and is currently at $ 21.08 an ounce.
Continued strength in the dollar index
suggests that gold prices may fall further. According to Anuj Gupta, Head of Commodity Research, HDFC Securities, the dollar index is continuously strengthening and is expected to remain strong in the coming days also. It is possible that the dollar index may reach the level of 108 to 110. Apart from this, the Federal Reserve (Fed) is indicating an increase in interest rates by the end of October, which is also impacting the dollar index. This suggests that gold prices may continue to fall in the near future.
PC: The Times of India
Gold may become cheaper by Rs 2,000!
Given the expected strength in the dollar index, a big fall in gold prices may be seen. Experts estimate that gold prices may fall by up to Rs 2,000 next week. This means that gold prices in the futures market may fall to around Rs 54,600 from the current Rs 55,000. Additionally, if gold prices decline, this may lead to increased purchases and increased demand, which will ultimately result in a higher price.
