Gold saw a decline on 9 June. The reason for this is expected to be compromised in the US-China. After this agreement, the glow of gold is expected to decrease. There was pressure on the prices of gold in both the country and abroad. In the international market, spot gold fell 0.1 percent to $ 3,310.68 an ounce. The US Gold Futures fell 0.5 per cent to 3,330.10 an ounce. Here, there was pressure on gold futures in India too. In the Commodity Exchange MCX, the gold futures fell at Rs 516, or 0.53 per cent to Rs 96,520 per 10 grams.
Gold move will depend on the agreement in America-China
The top three officers of the US government are scheduled to meet Chinese officials on 9 June. In this, there will be talks between the two countries about the tariff. There was an uncertainty in the Global Economy since US President Donald Trump announced the reciperook tariff in April. There was a decline in stock markets. But, Gold The glow of it increased. The reason for this is that gold is considered the safest source of investment. Whenever there is upheaval in the world, the demand for gold increases.
Pressure may continue on gold at present
“Do not want to take short-term traders agressive long-term positions before the consequences of the conversation between the US and China,” said Oanda Senior Market Analyst (Asia-Pacific) Calvin Wong. On the other hand, Wang Tao, technical analyst of Reuters, said that gold can test a support level of $ 3,296. If it breaks this level, then it can go up to $ 3,262 an ounce. Jobs’ data better than expected in the US has also affected gold.
Support for gold at Rs 96,720-96,390 in India
VP Rahul Kalantari in Mehta Equities said that Gold in India will have to face resistance at Rs 97,350-97,640 per 10 grams. In the event of a decline, gold will get support at Rs 96,720-96,390 per 10 grams. He also said that Gold was under pressure on gold last week due to the US economy’s better data, strengthening dollar strength and a compromise on tariffs in the US-China. Now Gold Investors are eyeing the data of retail infection in the US on June 11.
Also read: Gold Rate Today: Big fall in gold today, how much cheap gold on Monday 9 June
What should you do?
Experts say that gold prices may remain in limited range in the next few sessions. Retail investors should not pay much attention to the ups and downs in short term in gold. It is necessary to include gold in the investment portfolio. 10-15 percent of the portfolio can be in gold. If your portfolio does not have gold or is very low, then you can use the fall in gold prices to increase investment in it. Gold outlook is positive in medium and long term. This year, gold in India can cross the level of Rs 1 lakh per 10 grams.