- The conflict caused major upheaval in global markets
- This conflict also affects the gold prices
- Is this the right time to buy gold?
Gold Rate Today : The conflict between Israel, Iran and the US is causing major upheaval in global markets. The impact of this conflict is also reflected in gold prices. Gold prices have remained largely stable this week. Gold prices rose by Rs 17,500 from the week’s low. In India, yesterday Friday, gold price on MCX touched the level of Rs 1,47,270 per 10 grams. The lowest rate of the week was Rs 1,29,595; Compared to that, this is an increase of Rs. 17,500.
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Fall in international market prices
This week saw a drop in gold prices in the international markets. Gold on the COMEX closed at $4,500 an ounce. Although the rate has crossed the $4,500 level, the international market has recorded a 1.85% decline in gold prices this week. Due to this, the price of gold fell in the international market.
Effect of crude oil prices
An expert associated with ‘SS Wealthstreet’ noted that Brent crude oil prices have fallen from $120 per barrel to around $93 per barrel. This has brought some relief on the inflation front. As a result, gold prices have seen an increase of Rs 17,500 from their all-time low.
Is this the right time to buy gold?
CEO of ‘Enrich Money’ says, “If gold prices sustain above the $4,600 level, they can potentially reach between $4,680 and $4,750. In such a scenario, gold prices can also touch $4,850. Conversely, if the bearish trend continues and rates fall below $4,300, prices can fall to the $4,100 to $4,150 range.” According to experts, given the current global geopolitical situation, gold prices may see rapid and significant fluctuations. A fall in rates will increase sales and an increase will increase purchases.
What factors are important?
Sugandha Sachdeva, founder of ‘SS Wealthstreet’, says the decline in gold prices is due to macroeconomic and market trends in various assets. Experts also say that the rise in US Treasury bond yields has somewhat dampened public interest in gold.
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(This is not an investment advice. There are many reasons behind the rise in gold prices. So, take a wise decision before making any investment.)
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