Gold saw profit booking on May 30. This affected gold prices in the country and abroad. In the international market, spot gold fell 0.6 per cent to $ 3,295.99 an ounce. The US Gold Futures also had a weakness of 0.6 per cent to $ 3,294.20 an ounce. MCX in India saw a decline in gold futures. Gold futures fell by Rs 315, or 0.33 per cent to Rs 95,074 per 10 grams. This week was not good for sleeping. Gold has fallen by 1.8 percent in the international market this week.
Impact of strengthening dollar on gold prices
The strengthening of the dollar has affected gold prices. However, analysts say that the gold outlook remains strong. Gold price in a year can reach Rs 1,10,000 per 10 grams. Gold has given good returns in the last few years. On May 29, gold and silver futures were seen to be a boom. Experts say that gold may remain unlike in the short term.
The ups and downs in gold may continue
Manoj Kumar Jain of Prithvifinmart Commodity Research said that the dollar index’s ups and downs could have an impact on gold. However, gold is supported at $ 3,250 an ounce. VP (Commodities) of Mehta Equality Rahul Kalantari said that gold declined after Trump’s decision to ban the tariff in the US. However, due to geopolitical tension, gold quickly returned.
Target of Rs 1,10,000 for gold
Angel One says that the return of gold is expected to be good even further. The price in the international market can go up to $ 4,000 an ounce. This means that gold in India will reach Rs 1,10,000 per 10 grams. This target of the brokerage firm is for one year. The brokerage firm has advised to invest at a price of Rs 85,000 per 10 grams in long -term.
What should you do?
Financial Advisors say that investors’ investment portfolio should have 10-15 percent gold. Gold is helpful in the diversification of portfolio. Today it is very easy to invest in gold. In addition to gold jewelery, investors can invest in the gold scheme of gold ETFs and mutual funds. Demat is necessary to invest in Gold ETF. However, the gold scheme of mutual funds can be invested without a demat account.