Gold Rate below 60000 rupees: The price of gold has been witnessing a decline for some time now. Because of this, the price of yellow metal has come down to Rs 60,000 for 10 grams. Although there was a continuous increase in the price of gold during the last month and due to this gold was trading above 60 thousand rupees.
Gold had recorded a record rise during the first quarter of the current financial year and had gone up to Rs 61,800 in the last month. However, now its price has come down to 2500 per 10 grams. The fall in the price of gold is due to the strengthening of the dollar.
Riddisiddhi Bullions (RSBL) MD Prithviraj Kothari said gold prices are below Rs 60,000 ahead of the US Fed meeting on June 13. In such a situation, the effect of the decision taken in the Fed meeting can be seen on the price of gold. There is speculation that the Fed may hold interest rates in the June meeting. Experts believe that Rs 60,000 has become a base for gold bull run.
Will gold be more weak?
Analysts believe that summer is traditionally a weak season for gold, as there is no significant factor in the near future to boost demand for the yellow metal. At the same time, the results of the upcoming US Fed meeting can present a clear picture on the rate hike affecting the price of gold.
Due to this the price of gold may increase
Experts say that the dollar index is not able to maintain the level of 104.50. In such a situation, the inflation rate in the US and the US unemployment number can prevent the Fed from increasing the interest rate. This would mean that the prices of gold may increase.
Estimated time to sleep
According to experts, gold can go below the level of Rs 58,600. However, after this it can accelerate and it can reach close to Rs 61,440. Above this, the next level can touch Rs 62,500 and Rs 63,650.
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