Gold price hike: The price of gold has come down from the all-time high, know the price of 10 grams of gold
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Gold Price Hike : Gold prices declined marginally as the dollar index came back from its one-year low of 100.80 levels. On the Multi Commodity Exchange (MCX), gold futures for June 2023 fell by Rs 890 per 10 grams and closed at 60,348. level off. In the international market, the yellow metal closed at $2,003 an ounce after hitting a low of $1,992.59 an ounce. There is news that the price of gold has come down from the all-time high.
gold cheap in international market
According to commodity market experts, the US dollar rate corrected after aggressive comments from one of the US Fed officials, but they said that the gold price closing above $2,000 level in the international market is a good sign. However, he added that further fall in the US dollar index would put the precious yellow metal under pressure. He said that the price of gold in the international market has been kept at the level of $ 1,980 and $ 1,945, while on MCX the yellow metal is likely to reach Rs 59,700 per 10 grams and then Rs 58,500 per 10 grams.
focus on the US dollar
Market experts said on the reason for the return of gold prices from the historic high that during the week, gold prices in the international markets reached a new record high of Rs 61371 per 10 grams and about $ 2050 per ounce. However, the dollar index’s shift from a multi-month low to a sharp 100.80 odd levels at the end of the week dented the yellow metal’s sheen somewhat, taking it into marginally negative territory for the week. It was basically an offensive comment from one of the Fed officials.
Gold price increased in March
Experts said gold prices initially edged higher on a 5 per cent rise in US consumer prices in March, which was the lowest in two years. In addition, US producer price index wholesale inflation declined to 2.7 percent from 4.9 percent in February, indicating that price pressures, while remaining elevated, are now easing from four-decade highs. There are many expectations that the US Fed will finally end its rate hike cycle, which is causing the dollar index to decline and increasing pressure on gold.
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