Gold and silver became cheaper! Prices fell so much in a week, is now the right time to buy?

This week, such a sharp fall in the prices of gold and silver was recorded in the bullion market, which has created a stir among investors. A strong US dollar and tight monetary policy cues from the Federal Reserve put immense pressure on these precious metals. It is generally seen that whenever tension increases at the global level, the demand for gold and silver as safe investment increases, but this time this trend appeared quite weak and the prices fell downwards.

Latest status of prices on MCX

Gold with slight rise on Multi Commodity Exchange (MCX) on the last trading day of the week. Rs 1,44,825 per 10 grams But it closed. However, if we talk about the whole week, the prices of gold will be around Rs. Rs 13,641 There has been a huge decline, which is almost 8.6% Shows lack of. The situation of silver was also no different. There was a rise of about 2% in silver in the last session, but on a weekly basis it Rs 32,663 Till broke. In this way, during the whole week the price of silver increased by approximately 12.6% A huge decline has been recorded.

Why did prices fall so drastically?

Market experts say that the biggest reason behind this decline is the strength of the US dollar and the strict attitude of the Federal Reserve. Along with this, profit booking by investors at higher levels also helped in pushing the prices down. Although factors like ongoing geopolitical tension in the Middle East, rising crude oil prices and weakness of the stock market support gold and silver, this time the impact of all these was quite limited and the dominance of the dollar remained intact.

Investors will keep an eye on these levels going forward

According to market experts, now for gold Rs 1.42 lakh level has become extremely important. If gold remains above this level, then recovery can be seen again and the price Rs 1.50 lakh to Rs 1.52 lakh Can go till. But if this level is broken, gold Rs 1.35 lakh to Rs 1.40 lakh May fall in the range of. And for silver Rs 2.15 lakh to Rs 2.20 lakh The zone is very important. silver when it goes down 2 lakh or Rs 1.80 lakh can reach up to, while staying above Rs 2.40 lakh to Rs 2.50 lakh A jump of up to.

The shine will remain intact in the long run

Even though prices may be falling in the short term, demand for gold and silver is still strong in the long term. Gold consumption every year in India 700 to 800 tons It lives between, which is a big proof of its strength. After the recent decline, buyers have also started returning to the market, especially in view of the wedding season, people are seeing this decline as a buying opportunity. Experts believe that market fluctuations may continue for now, so investors should ‘Bye on Dips’ That is, a gradual buying strategy should be adopted in case of decline.