Gold jumps from 16-month low, see where it can reach
Gold Price Hike : The price of gold has seen a rise in the Indian market on the last day. The reason behind this is being told due to the increase in the interest rates of all the banks in the country. Let us tell you that the prices of gold have suddenly risen from the low level of 16 months. After which there has been a recovery in gold prices. On the last trading day of the week, the global spot price of gold jumped from its support price of $ 1680 and closed at $ 1726.40 an ounce. In this way, a jump of about 0.50 percent has been registered in it. Gold on the MCX exchange closed at Rs 50,680 per 10 grams with a jump of Rs 305.
Globally, gold prices are trading in the range of $ 1680 to $ 1750 per ounce. Gold is trading in the range of Rs 49,500 to Rs 51,500 per 10 grams on MCX. For the last 2 years, $ 1680 has been a strong support in the global gold prices. In such a situation, gold investors should buy in the fall.
prices may fall
Let us tell you that in the domestic futures prices of gold, initial support can be seen at Rs 49,500 per 10. The same major support is at Rs 48,800 per 10 grams. If this support is broken, then there could be a big drop in the prices. According to experts, gold can be seen trading in the range of Rs 51,200 to Rs 51,600 per 10 grams in the coming days due to buying at lower levels.
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