Even after the fall in the dollar, there is a decline in the price of gold. In the last 48 hours, the price of gold has fallen by about 2000 rupees. Which is less expected to be cheaper. The reason is the Fed meeting, which will be announced after 11 pm according to Indian time. According to the experts, the fall in the price of gold is being seen due to profit recovery. At the level of 60 thousand people have earned a lot of profit by selling their gold. On the other hand, in the physical market, people have booked profits by taking out their access gold. In such a situation, it is considered the right time to invest in gold. In the coming two days, the price of gold can again go beyond 60 thousand rupees.
gold became cheaper in the futures market
Gold prices have fallen by Rs 2000 on the Multi Commodity Exchange in the last 48 hours. Today, during the trading session, the price of gold came down to Rs 58,473. While two days ago i.e. on March 20, by noon, gold prices had reached a lifetime high of Rs 60,455. Since then, a fall of Rs 1,982 has been seen in the price of gold. At present, gold is trading at Rs 58,654 with a gain of Rs 75. By the way, the price of gold opened at Rs 58,563 today.
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Fall in dollar yet gold became cheaper, why?
There is a decline in the dollar index. Even after coming to the level of 103, there is a decline in the price of gold. Why after all? Answering this question, experts are saying that after reaching the level of 60 thousand, they are booking profits in the spot market along with the futures market. People’s old gold is coming out especially in the physical market. Due to which the price of gold has seen a decline. According to experts, common people get very less chance to book profits in this way.
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Will gold rise again?
According to Anuj Gupta, Vice President of IIFL, there may be a rise in the price of gold again. The Fed policy meeting will end tonight and the Fed’s interest rate figures will come out, which may increase by 25 basis points. Fed will not take any risk by increasing 50 basis points. He said that the Fed’s future stance would be more important than the Fed’s policy rate. The price of gold will depend more on that. He said that it is expected that in the coming months the Fed will indicate a pause on the rate. If this happens then gold prices can touch the level of 61 thousand.