Know where gold can reach.
After reaching the highest level in 20 years, the dollar index has come down to 101. Experts say that investors are booking profits in dollars. In such a situation, there is every possibility of a rise in gold.
Due to fall in bond yields and fall in dollar index, the price of gold (gold price today) has been witnessing an uptick since the last two weeks. The 10-year bond yield has slipped to a six-week low. At the same time, the dollar index is seeing a decline for the second consecutive week. The dollar index fell to 101.65 this week. The dollar index was down 1.43 per cent on a weekly basis and 1.38 per cent last week. The 10-year US bond yield closed at 2.734 per cent this week. It had declined 1.62 per cent this week, 4.76 per cent before that and 6.84 per cent in the previous week. Let us know which factors will affect the price of gold.
Commodity market experts say that if gold closes above $ 1865 in the spot market, then the rally will continue. In this situation, the next target will be $ 1900. Due to the record jump, profit booking is being done in dollars, due to which the demand for gold has increased. Gold investors will benefit from weak US economy data. In the domestic market, gold can reach the level of Rs 53000. This week it has closed at the level of Rs 50928.
- In a report published in Mint, Anuj Gupta of IIFL Securities said that after reaching the highest level in 20 years, the dollar index has come down to 101. Due to this, the price of gold has been seen increasing for the last two weeks. There are signs of slowdown in the US economy. In such a situation, if the dollar index decreases further, then the price of gold will increase. Gold can reach up to $ 1900 in the spot market. Right now it is at the level of 1852 dollars.
- Chinese manufacturing data is coming this week. Activity in China has intensified again after the lockdown. In such a situation, the eyes of the whole world are on Chinese manufacturing data. If this data does not match with the market, then selling in the stock market can increase and investors will be attracted towards gold.
- Along with the US Federal Reserve, the European Central Bank is also increasing the interest rate. It is believed that he will again increase the interest rate. If this happens, FIIs will sell and buy Euros as the interest rate will increase in value. This will have an effect on the dollar. In this situation, the price of gold is expected to rise.
- After reaching the all-time low against the dollar, the rupee is showing strength. The rupee had gained in the last week. If the rupee depreciates again, the price of gold will rise. Anuj Gupta of IIFL Securities has said this.
- US payroll data could be released on Friday this week. If this number remains weak, the demand for gold may increase and the price will jump. Weak payroll data means there is a slowdown in the US economy.
Source: www.tv9hindi.com
: Language Inputs