Gold price outlook: Last week, there was a significant decline of gold prices. Especially, after the ceasefire between Iran-Israel, the attraction of investors appeared to decrease towards this safe investment. On Friday, gold futures on the Multi Commodity Exchange (MCX) fell ₹ 1,563 or 1.61% to close at ₹ 95,524 per 10 grams.
Last week, the price of 10 grams of gold declined by ₹ 3,585 a week on MCX. At the same time, gold has now become cheaper to ₹ 5,554 per 10 grams from its high. Let us understand from experts what will be the condition of gold prices between next week (30 June to 4 July).
Pressure will be on prices next week too?
Gold prices are likely to remain under pressure next week. Experts believe that investors are now eyeing the American macroiconomic figures, which can indicate the Federal Reserve’s future interest rate policy. The same factor will decide the direction of gold in the global market.
Last week, Fed Chair Jerome Powell said that the rates in rates are possible, but it will not happen immediately. After this, investors from all over the world changed the strategy towards gold holdings, which increased the pressure on prices.
Saf Heven attraction is reduced
In the Middle East, due to reduced tension and improving global risk senses, investors have increased to equity from safe assets such as gold. Due to this, there is a decline in demand for gold.
Most of the stock markets, including the US and India, have a boom. On Friday, June 27, the Nifty closed up in the fourth consecutive trading session. Experts believe that Nifty may move towards new all time high. This factor can also put pressure on gold prices.
Expert opinion at gold rate
According to Jatin Trivedi of LKP Securities, gold in the domestic market can remain in the range of ₹ 93,000 to ₹ 97,500 per 10 grams. At the same time, its price in the international market is expected to be between $ 3,175 to $ 3,325. The next trend will be decided by the US unemployment figures, non–form payroll and ADP reports.
At the same time, NS Ramaswamy of Ventura said that gold in the international market has not yet crossed the level of $ 3,300. Weakening the dollar has given some relief, but there are no signs of strong boom at the moment. If US President Donald Trump’s Tariff Deadline of July 9 is postponed, it can become a relief for gold.
Potential trigger and risk for gold
Experts believe that the possibility of a big rise in gold prices is limited until the US dollar does not have a big weakness or the fed declares an unexpected decision. However, potential cuts in interest rates and geopolitical uncertainties can support gold at any time.
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