Gold has reached a one-month high. Prices have reached a 1 month high. The price of gold on MCX has crossed 79000. Whereas on COMEX it has reached close to $2750. Let us tell you that gold prices continue to rise for the third consecutive week.
Actually, gold prices have got support due to falling inflation in America. Prices have also increased due to weakness in the dollar index. Gold is also getting support from the statement of US Fed Governor Christopher Waller.
Let us tell you that US Fed Governor Christopher Waller has said in his statement that a rate cut is possible in the first half of 2025. If inflation continues to decline, interest rate cuts will be possible. He has also indicated that a cut in March also cannot be ruled out.
Former Chairman of GJC, Nitin Khandelwal Said that gold is expected to rise with Trump’s arrival. Due to uncertainty in the market, purchasing of gold increases. Gold is also getting support due to fall in rupee. The rise in prices is worrying the market. However, there are many expectations regarding the budget.
Nitin Khandelwal further said that the GST rate should be reduced in the budget. Government should get approval to buy gold on EMI. Also, tax on debit and credit cards should be reduced. Gold should be kept out of capital gains tax.
Dharmesh Bhatia of Emirates NBD Says that gold may still see a rise in the short term. In the short term, gold may show a level of Rs 79350-79400 per 10 grams. Still bullish view remains on gold. Compared to other Asian currencies, the rupee has not seen such a decline. By the end of this year, gold may show a level of Rs 88000-90000 per 10 grams.
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