New Delhi. After the announcement of reduction in custom duty on gold and silver, the continuous fall in its prices has stopped on Monday (29 July). On Monday, a jump in the price of gold and silver has been recorded. In such a situation, the big question is whether the best time to buy gold has come or should we wait for the price to come down?
Gold prices traded higher on the Multi Commodity Exchange (MCX) on Monday. Despite gold prices falling more than 4 per cent on MCX in July, analysts believe the recent decline could be a buying opportunity.
gold prices today
The price of gold on MCX rose by Rs 249 (0.37%) to Rs 68,435 per 10 grams, while the price of silver on MCX rose by Rs 684 (0.84%) to Rs 82,055 per kg. At the international level, spot gold rose 0.4% to $2,394.88 per ounce and US gold futures rose 0.5% to $2,393.20.
Recent fall in gold prices
Gold prices in India declined last week due to the announcement of reduction in custom duty in the Union Budget 2024 and concerns over demand in China. Apart from this, better than expected US second quarter GDP and unemployment data put pressure on gold prices.
Gold prices expected to rise due to positive factors
Analysts expect short covering and several positive factors at the global and domestic level to boost gold prices. Rahul Kalantri, Vice President, Commodities, Mehta Equities Limited, said that gold and silver prices witnessed volatility on Friday, recovering from one-month and 3-month lows respectively. He said that expectations of rate cut by the US Federal Reserve and short covering provided support at lower levels.
Ajay Kedia, director, Kedia Advisory, told Mint that the key factors supporting gold prices include rising expectations of interest rate cut by the US Federal Reserve, weak US dollar index, rising global geo-political tensions and rising physical demand in the domestic markets.
Tags: Gold, Gold price, Gold price News, Gold Price Today, Silver price
FIRST PUBLISHED : July 29, 2024, 15:43 IST