According to data from India Bullion and Jewelers Association (IBJA), the price of gold of 999 purity stood at Rs 1,42,942 per 10 grams on Friday, which is much higher than Rs 1,35,141 on Monday.
However, spot gold witnessed a slight decline on the last trading day as the US dollar remained strong, putting pressure on prices.
In India, MCX Gold showed a good recovery from the week’s low of Rs 1,29,595 per 10 grams. Whereas in the international market, Comex Gold closed above $ 4,500 per troy ounce.
Experts say that recently there has been a slight decline in gold because investors raised cash by selling gold to compensate for the losses, but overall the bullish trend in gold still remains strong. Central banks are continuously buying gold and global tensions are also supporting the prices.
Additionally, rising US Treasury yields reduced the attractiveness of non-interest bearing investments such as gold, putting pressure on prices.
At the same time, this week the price of Brent crude fell from around $120 to $93 per barrel, which reduced concerns about inflation and helped gold recover from lower levels.
According to experts, the market may remain volatile in the coming time, because news from the Middle East, crude oil prices and decisions of central banks will affect the market.
An analyst said that after last week’s sharp decline, the commodity market is now trying to stabilize and prices are gradually gaining strength.
At present, MCX Gold remains on strong support around the level of Rs 1,36,000 to Rs 1,40,000, while on the upside, the level of Rs 1,55,000 to Rs 1,60,000 is considered an important resistance.
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