Gold prices: After a steady rise in gold prices, there has been some decline. Gold has become cheaper by about Rs 1,000 per 10 grams from yesterday’s all -time high. The price of gold in the international market reached its highest level of $ 2,955 an ounce yesterday. However, today it was trading around $ 30 (Rs 1000) to around $ 2,925 an ounce.
Metals Focus Principal Consultant Chirag Sheth said in a conversation with our colleague CNBC-Awaaz that we have been saying for a long time that gold prices may persist until the first half of this year. Recently, on several occasions, it has been seen that gold prices first rise, then profits and then gold raises back and it retains its move upwards.
Chirag Sheth said that this trend is expected to continue even further. He said that due to economic uncertainties and Bhurasic concerns, the price of gold has been accelerated. Further economic uncertainty is expected to remain intact due to the policies related to the tariff of Trump.
He said that according to the way the market is there, the short-term target for sleeping is $ 3,000 an ounce. However, in view of the market conditions, it can also have overshadoot, due to which its prices can go far beyond $ 3,000. Let us know that earlier many brokerage firms had also predicted gold prices from 3,200 to 3300.
Chirag Sheth said that apart from this, banks are also covering their short positions. Banks are thinking that they do not have to bear the brunt due to the tariff, due to which they are covering their positions. He said that the demand for jewelery in the Indian market is currently looking weak. The demand for gold here has increased because people are investing a lot for investment. Due to this, gold prices are seeing a rise in Indian markets.
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