Gold prices hit a 2-month low as the US dollar strengthened. Experts predict that it will decrease further. In the domestic market today, the price of gold fell to Rs.55,402 per 10 grams. The international market also saw a decline. An ounce (28.3 grams) of them fell below Rs 1.5 lakh in the morning trading session on Tuesday. The demand for gold has been high in India for the last 6 months around festivals and Mugurtha days. Those in the industry have said that people have fulfilled all the needs that were postponed during the Covid period in the last 6 months. Depreciation of the rupee also pushed up prices.
Why is the price of gold falling?
Selling investments in gold internationally reduces their price. Experts say about this: Gold price has decreased today due to two main reasons. Increased investments in the US dollar and speculation that the Federal Reserve will raise interest rates to control liquidity due to rising prices have turned investments away from gold and into the dollar. This has reduced the price a bit. The Federal Reserve may raise interest rates by 25 basis points three times this year in March, May and June. They say.
Market expert Sukanda Sachdeva said, “There is a possibility that the price of gold will fall further. Intermittent rebounds may be seen. But it seems that the price of gold will decrease in the near future. The support price of gold in international markets was Rs 1.5 lakh per ounce. It has broken down. Next, one ounce may fall to Rs 1,47,000.” said.