Gold returned to a boom on 25 June. There was a rise in gold prices in both the country and abroad. Weakness in US dollars affected gold prices. Spot gold rose 0.2 per cent to $ 3,330.99 an ounce. The US Gold Futures were running at $ 3,345 an ounce with a strength of 0.3 per cent. On June 24, gold prices fell to the lowest level of two weeks.
Rap back after several days of decline
Here, in India too Gold I saw a boom. On the Commodity Exchange MCX, the gold futures were running 0.37 per cent in the afternoon to Rs 97,380 per 10 grams. In the end of April this year, the prices of gold set a height record. The prices then reached $ 3,500 an ounce. However, there is pressure on the prices of gold. Even during the Battle of Iran-Israel, there was not much jump in gold.
Gold shine due to weakness in dollar
Experts say there is a weakness in the dollar. It has reached the lowest level of a week. Buying gold in another currency becomes cheaper when the dollar is weak. On the other hand, there is also pressure on the yield of American bonds. It is close to a lower level of time. It has also affected gold. Kelewin Wong, Senior Market Analyst of Oanda, said, “Technical selling in dollars and softening in the yield of bonds have benefited.”
Consolidation is expected to continue
Financial Advisors say that gold outlook is positive in the long term. Axidant Kamboj, Vice President of the Indian Bullion and Jewelers Association, said that gold prices have stabilized at the lower level. They remain in limited range after recent selling pressure. After the reduction in the middle East, now the American tariffs, the uncertainty of the global economy and the stance of the Federal Reserve are watching.
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What should you do?
Some part in your investment portfolio must be gold. This helps in making the portfolio diversified. If you do not have gold share in your portfolio or very little, then you can increase investment in gold. The best way to invest in gold is Gold Schemes of Gold ETF and mutual funds. Investments can be made sitting at home.