look news india
Buying Gold: Gold and silver have been the favorites of investors for the last few months. Due to various concerns, central banks around the world were also buying gold in large quantities. China was at the forefront of this. It was constantly increasing its gold reserves. This gave wings to the prices of this yellow metal and they are flying high. But now China has surprised everyone by stopping the purchase of gold. Due to this, gold prices fell by more than 2 percent in the international market on Friday.
Analysts have predicted a fall in gold prices on MCX exchange
The reason for the decline was attributed to higher than expected employment growth in the US and a change in the attitude of China, which is playing the role of a major buyer. According to the report, benchmark gold futures prices were trading 2.43 percent lower at $2,332.85 an ounce. Gold prices on India's MCX exchange also remained in line with the global rate. A decline of more than 2 percent has been registered. It was trading at Rs 73,131 per 10 grams.
China's central bank stopped buying gold in May
According to media reports, the central bank of China stopped buying gold for its gold reserves in May. China was buying gold continuously for 18 months. Due to this, the spot price of gold reached a record high. The price of gold, which is considered a safe option for investment, has come down after a strong rise. However, so far this year, the price of gold has increased by about 15 percent.
Gold may give higher returns than World Gold Council estimates
There has been a demand for it for a long time. This is the reason why its prices reach record highs from time to time. The ongoing conflicts around the world, the continuous purchases by central banks of various countries and the demand of investors pushed the yellow metal to record highs. Apart from this, obtaining gold is a difficult thing. There is always a difference between its demand and supply. Due to this, the prices of gold are increasing instead of falling. It is believed that in the year 2024, gold can give stronger returns than the estimates of the World Gold Council.
