Should you purchase gold now or wait? Futures for the metal are down Rs 2,500 this week, making the metal more appealing. Ten things to be aware of

Weekly Trend of the Gold Rate: The spot rate has dropped 1.7% so far this week, but MCX gold futures are expected to record weekly losses of almost 3%. The MCX gold futures for delivery on June 5 and August 5 were trading at Rs 71,374 and Rs 71,550, respectively, down Rs 2,337 and Rs 2,505 for the week. This is all the information you require on the current price of gold.

Weekly Trend in Gold Rates:

With domestic gold futures expected to end the week roughly 3% lower, a lot of investors are once again looking for the ideal moment to buy the precious metal. from the standpoint of investments. The MCX gold futures for June 5 and August 5 delivery remained at Rs 71,374 and Rs 71,550, respectively, down by Rs 2,337 and Rs 2,505 for the week, while the spot cost in Ahmedabad was circling around the Rs 71,750 per 10 grams mark at the final count on Friday.

Here are ten things you should be aware of regarding this week’s Indian gold rate:

1. During the opening hour of the Friday evening session on the exchange, the two MCX gold futures contracts saw a 0.3% decrease in value each. The August 5 contract was down by Rs 239 at Rs 71,550, while the June 5 contract fell as much as Rs 203 to Rs 71,374.
2. At their intraday lows on Friday, MCX gold futures are expected to record weekly losses of 3.2–3.4 per cent. This week, the spot rate has decreased by 1.7% thus far.
3. Although a number of specialists think that gold is on the rise in the long run, some even suggest that the weekly decline presents a buying opportunity.
4. Is it time to purchase gold? “We recommend purchasing gold during downturns as an investment, at approximately $2,310 per ounce for international buyers and Rs. 70,300 for domestic buyers,” said Manoj Kumar Jain, Director-Head of Commodity and Currency Research at Prithvi Finmart.
5. In the long run, gold prices should be supported by factors including geopolitical unpredictability, central banks purchasing gold, and expectations of a decline in benchmark interest rates, according to Ajay Kedia, Managing Director at Kedia Commodities..
6. How do interest rates and gold relate to each other? Interest rates and gold have historically had an inverse connection, which means that when interest rates decline, gold becomes a more appealing store of value and vice versa.
7. Kedia stated to Gold and silver seem to be taking support at key levels after the big fall over the past few days while the dollar index looks weak.
8. What is the short-term expected movement of gold and silver?Gold is probably going to advance from the strong support level of Rs 71,000 to Rs 72,500. Although silver has dropped to $32.5 an ounce and is again back, it is holding onto its crucial support level of $30 (Rs 90,000 per kilogram). For as long as Should silver fail to break below Rs 90,000, Kedia predicted that it would rise to levels around Rs 93,000 in the upcoming days.
9. Gold is on an extended upward trend. For the long term, one can purchase gold around Rs 70,000 and silver about Rs 87,000–888,000, the speaker continued.
10. Gold target: By Diwali and the end of 2024, Jain anticipates that gold will test targets of $2,500 per ounce, or Rs 76,000 per 10 grams, and $2,600, or Rs 80,000.

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