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The US central bank the Federal Reserve on Wednesday decided to leave its interest rates unchanged for the sixth consecutive time. This decision dismissed all the rumors that interest rates would increase in the coming month. This means that the Fed is not planning to raise interest rates in the coming months. After which fluctuations have been seen in the price of gold from the foreign market to the Multi Commodity Exchange of India.
By afternoon this speed gradually decreased. According to experts, there has been no indication yet from the Fed as to when the interest rate can be cut. It has also been suggested that the number of Fed cuts from 3 in the current year is reduced to one. Due to this, the price of gold may fall. In the coming days, gold may fall by around Rs 3000 from the current level. Let us also tell you what kind of predictions the experts are making regarding the price of gold?
It is not certain when the interest rates will go down
The US Federal Reserve has not yet decided when interest rates will be cut. According to experts, the Fed meeting is going to be held in July. But inflation figures are not on target. On the other hand, the labor market is booming. Due to which the cost may increase. Due to which inflation is still likely to increase. In such a situation, there is no possibility of increase in interest rates even in the July meeting. The effect of which can be seen in the form of increase in dollar index and bond yield. In such a situation, investors can turn to the currency market instead of gold. The effect of which can be seen on the price of gold.
On the other hand, geopolitical tension is also continuously decreasing. No action has been seen in Iran and Israel for a long time. Mediation efforts are ongoing between the two countries. Attacks from both sides have stopped. In such a situation, instead of investing in safe haven i.e. gold, investors are turning to the stock market. The effect of which can be seen in the form of reduction in the price of gold in the coming days. Experts believe that there has been a decline in gold exports. International demand has declined. Due to which its effect can be seen on the price of gold.
Prices may reduce by Rs 3000
According to the information, there is no possibility of seeing any such trigger in the coming days. Due to which the price of gold may increase. Also, no indication has been given by the Fed as to when it will change the interest rates. Due to which an environment of decline in gold prices may be seen. He said that the price may go up to Rs 68,500 in the coming days. He said that gold will see a rise only after cuts by the Fed. Or geopolitical tension may increase.
How much did prices fall from record highs?
On April 12, gold prices on MCX reached a record high of Rs 73,958 per ten grams. Since then the price of gold has fallen significantly. Talking about the figures, since then till now the price of gold has fallen by more than Rs 3200. That means the price of gold has fallen by more than 4 percent. If in the coming days the price of gold rises to Rs. 68500, price may fall from record high to Rs 5500. That means an improvement of more than 7 percent can be seen in gold.
gold prices are flat
Gold prices appear to be flat at 3 pm on the Multi Commodity Exchange. According to the information, at 3 pm the price of gold is trading at Rs 70,665, down by about Rs 60. However, on Thursday the price of gold opened at Rs 71,278. Which reached a low of Rs 70651 during the trading session. A day ago the price of gold had closed at Rs 70,725.