look news india
New Delhi, March 22 (HS). Due to the rise in the dollar index, a downward trend was seen in the price of gold in the world gold market today. Earlier on Thursday itself, gold had succeeded in crossing the level of $2,200. Today the spot price fell 0.70 percent to the level of 2,166.47 per ounce. Similarly, in this gold futures also, gold was seen trading at the level of $ 2,168 per ounce with a weakness of 0.80 percent.
Gold was successful in making a record of all-time high on Thursday due to the US Federal Reserve indicating to cut interest rates, but the rise in the dollar index has had a negative impact on the strength of gold. Experts believe that due to the intensified purchase of gold by the central banks of many countries and the positive signals given by the US Federal Reserve, gold has reached the overbought category. For this reason, there may be some softening in the price of gold in the short term.
Contrary to the trend of the world gold market, gold prices are expected to rise in the domestic bullion market. According to bullion market expert Mayank Mohan, gold traders are currently busy accumulating stocks for Akshaya Tritiya. Traders expect a rise in gold purchases during the festive season. It is believed that during the first quarter of the new financial year, gold business may increase by up to 10 percent due to festivals like Akshaya Tritiya, wedding auspicious time and Gudi Padwa. According to Mayank Mohan, the growth rate of gold business has remained almost stable in the last quarter of 2023-24 i.e. between January to March 2024 due to many global and domestic reasons. The growth rate of gold business is expected to increase in the coming days.
It is noteworthy that the festival of Gudi Padwa will be celebrated in the second week of April. Similarly, the festival of Akshaya Tritiya is in the second week of May. Purchasing gold on the day of Akshaya Tritiya is considered very auspicious. After Dhanteras in India, maximum purchase of gold is done on the day of Akshaya Tritiya. Along with this, the wedding season will also start after the second week of April. Due to these reasons, gold traders are hopeful that there will be an increase in the purchasing of gold in the bullion market, due to which gold may reach new highs.