Gold price today: The ongoing speed in gold is not taking the name of stopping. Gold continuously is making a new record after another. On Monday, Sona touched a new record high level of ₹ 96,747 per 10 grams on MCX. Gold has increased by about 25% so far this year. However, common people have to bear the brunt of this. He is not able to buy gold jewelery even after wishing. According to the traders of the bullion market, there has been a huge decrease of 30 to 40% due to demand due to the skyrocketing price of gold. The demand for jewelry is very low even during the wedding season. The demand for light jewelry is being seen.
Why continues to boom in gold?
Experts say that investors have turned to safe refuge due to increasing concerns over the growing American-China trade war. Due to this, there is a tremendous boom in gold. Dollar weakness has also supported gold prices. The dollar index reached a three -year low, making gold more attractive for investors. The price of gold is fixed in dollars. When the US currency is weak, gold is cheaper in other currencies, which increases its demand. International spot gold prices have also reached a record high of $ 3,384.
Will this fast continue like this?
Experts in the bullion market say that this boom will not continue forever. Gold will also decline. However, when this will happen, it is difficult to say now. Yes, if the ongoing trade war is over in the US and China, then gold may come in profit. The price of gold can break up to Rs 83,700 per 10 grams. Expressives to persuade that positive trade talks between the US-China and other countries will put a brake on the boom of gold. However, gold has strong support at the level of 89700 ($ 3080), 86500 ($ 2975), 83700 ($ 2865).
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