Last week, gold prices had reached lifetime highs. Four days after the end of Diwali special trading, gold rose at the speed of rocket and reached Rs 61,914. After that, not even 24 hours passed and the prices crashed. This means that the price of gold fell by Rs 1300 on Friday. This decline was seen due to the Fed's indication of increasing interest rates. After the end of the week, gold prices have again fallen below Rs 61 thousand. Let us also tell you what the price of gold has reached at present.
Gold became cheaper by Rs 1,300 in 24 hours
On Thursday, the price of gold crossed the level of Rs 61,900 and reached a life time high. After that, there were indications from the Fed that an increase in interest rates may be seen in the meeting to be held in the month of December. Due to which the dollar index increased and the prices of gold went down. Not even 24 hours passed and a fall of about Rs 1300 was seen in the price of gold. During the trading session on Friday, the price of gold fell to a lower level of Rs 60,633.
How far below lifetime high
When the Multi Commodity Exchange closed on Friday, the price of gold was Rs 60,713. Whereas on Thursday the price of gold had come down to Rs 61,914. This means that the price of gold is still Rs 1200 less than the life time high. However, on Friday, the price of gold once again touched the level of Rs 61,000 per ten grams. But could not go further than that. The pressure for increase in the dollar index was clearly visible on Thursday.
What do experts say?
HDFC Securities' Currency Commodity Head Anuj Gupta said that due to the signals received from the Fed, gold prices came down from life time high by Rs 1200 to Rs 1300. Well, the increase in the price of gold is a sign. The dollar index has fallen below the level of 104. Demand is high. Buying is being seen continuously from central banks. Due to which an increase in the price of gold may be seen.
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