There has been a huge decline in the prices of gold in recent times. Due to which the dollar index is believed to be strong. According to experts, the dollar index can reach the level of 110. Due to which gold prices may fall below Rs 55 thousand within a week. This means that in the coming week we may see a fall of Rs 2000 in the price of gold. However, even today a decline is being seen in the price of gold. At the same time, silver prices have also fallen. A slight decline in the price of gold is also being seen in foreign markets. Let us also tell you at what level the price of gold can reach in the coming days?
Current prices of gold and silver
A big fall is being seen in the prices of gold and silver on the Multi Commodity Exchange. According to the data, at 10:05 am, the price of gold is trading at Rs 56,865 with a fall of Rs 62. However, today gold remained at the lower level of the day at Rs 56,775. Gold price opened today at Rs 56,853.
Talking about silver, the price of silver in the futures market is trading at Rs 67,109 with a fall of Rs 285 at 10:05 am. Whereas the price of silver also reached the level of Rs 66,901 this morning. By the way, today silver opened at Rs 67024.
Slight decline in gold prices in foreign markets
On the other hand, a slight decline is being seen in the price of gold. According to the data, the price of gold future in New York's Comex market is falling by more than $ 4 per ounce and the price is trading at $ 1,837.40 per ounce. Gold spot price is trading flat at $ 1,822.45 per ounce. On the other hand, silver future is trading at $ 21.23 per ons with a decline of 0.69 percent. On the other hand, silver spot is trading at $ 21.08 per ounce with a decline of 0.44 percent.
Continuous rise in dollar index
If experts are to be believed, there may be a further decline in the price of gold. According to Anuj Gupta, Currency Commodity Head, HDFC Securities, there is a continuous rise in the dollar index. You are likely to remain strong in the coming days also. There are indications from the Fed about increasing interest rates. He said that in a few days the dollar index can reach the level of 108 to 110. On the other hand, the Fed may increase interest rates at the end of October. The effect of which is also visible in the dollar index. In such a situation, further decline in the price of gold may be seen in a few days.
Gold may become cheaper by Rs 2000
The kind of rise that is being predicted in the dollar index makes it clear that there are chances of a huge fall in the price of gold. According to experts, the price of gold may decrease by Rs 2000 in the next one week. This means that the price of gold in the futures market may come down from Rs 55 thousand to around Rs 54600. However, experts also say that as the price of gold decreases, buying will increase and due to increase in demand, the prices will also increase.
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