It is the time of the wedding, so the price of gold has increased. But the question is whether the boom will continue or will it fall in the future. Yesterday, the price of 10 grams of gold rose to over 48,000, but by evening it had fallen to 47,760. According to experts, weakness in US currency reserves is one of the main reasons for rising gold prices. In the last one month, the dollar has weakened three percent against the world currency.
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Amit Sajeja, Vice President of Research at Motilal Oswal, said: “The dollar is weakening due to rising gold prices. The US currency has lost 0.80 in the past one week. At the same time, it has weakened by 3 per cent in one month. Amit Sajeja says the dollar is going to be weak in the coming years and so gold could be a good investment medium in the short term.
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Anuj Gupta, vice president of commodities at IIFL Security, also agrees with Amit Sajeja. “Dollar prices are expected to fall further,” says Anuj. This is because a package of compensation is expected for economic development. While the Dow and the Nasdaq are also under pressure, the US bond is also weakened. Central banks have increased the gold holdings by 250 tonnes. In such a situation, investors may once again gravitate toward gold.
What drives the price of gold
Anuj Gupta says gold prices, if the dollar continues to decline, will see a 10 gram rise in gold prices. The price of gold can reach 49,500 to 50,000. Anuj Gupta explains that gold prices could rise from Rs 1,500 to Rs 1,800 in the next few days.
