look news india
New Delhi, 26 August (HS). Due to the weakness in the dollar index and the indication of reduction in interest rates by the US Federal Reserve in the month of September, the price of gold in the futures market is continuously rising. Today, the price of gold futures in the Multi Commodity Exchange (MCX) went above the level of Rs 72 thousand per 10 grams. Similarly, on Comex too, gold futures are trading by crossing the level of $ 2,500 per ounce.
According to bullion market expert Mayank Mohan, the ever-increasing tension in the Middle East has also led to a rise in the price of gold. Along with this, the purchase of gold by central banks in many countries has also affected the price of gold. Apart from all these facts, the possibility of interest rate cuts in the US and the possibility of increased demand during the festive season in India have also led to a continuous upward trend in the price of gold.
Spot gold in the international gold market is also continuously above the level of $ 2,500 per ounce. Last week, spot gold reached the level of $ 2,531 per ounce. It is believed that after the reduction in interest rates in America, the price of gold may increase further. A report by Goldman Sachs says that gold in the international market can reach the level of $ 2,700 per ounce this year.
Experts say that the increase in the price of gold in the international market will clearly affect the domestic market as well, because India's jewellery market also depends entirely on the import of gold from the international market. Along with this, due to the festive season starting from October, there is a possibility of an increase in the demand for gold in the domestic market. If this happens, the price of gold in the domestic market may increase even more.
