Gold Silver Price Update: Softening is being seen in gold prices. After touching the first 7-day low of the US dollar, the gold price has broken due to bounce bank. So is this the right time to buy?
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Investing in gold is becoming a profitable deal for everyone these days. Recently it had touched the price of Rs 60,000 per 10 grams. But the rate of dollar going to the lowest level of the last 7 days has also affected the gold price and now it is breaking down. So is this the right opportunity to invest in gold…?
The futures price of gold for April on MCX closed at Rs 59,310 per 10 grams on Friday. Its price has registered a decline of 0.18 percent in the whole week. In the international market too, a softening in the price of gold has been registered.
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Gold reached close to 60,000
On Friday, before the market closed, the top price of gold on MCX reached Rs 59,975 per 10 grams. While in the lower part, its price remained up to Rs 59,190 per 10 grams.
However, a rise in the price of silver has been recorded. Its price closed at Rs 70,404 per kg. While its price went up to Rs 71,481 in high and Rs 69,911 per kg in low.
Gold price broken in the international market
There has been a softening in the price of gold in the international market as well. The price of gold closed at $ 1,976.90 an ounce on Friday. It is down 0.58 per cent from last week’s level of $1,988.50 an ounce.
Market experts say that the US dollar has bounced back tremendously. Whereas before this it had touched the lowest level of 7 days. This has affected the price of gold.
Right time to invest in gold?
The Federal Reserve of America has spoken of taking continuous steps to bring down inflation this year. Therefore, market experts estimate that the policy interest rates in the US are unlikely to come down this year. In such a situation, gold can become a great investment option.
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In the coming days, the price of gold is likely to go up from $1,920 to $2,010 an ounce in the international market. While investing in gold, experts recommend ‘Buy On Dips’. This means that when there is a softening in the price of gold, then buy it, they do not suggest to buy it in the fast market or in the hope of climbing higher.