Gold price is Rs 90,000 per 10 grams in India. Also, the price of gold in global markets is more than $ 3,100. In addition, the recent rally has been supported by many factors, including economic uncertainty, inflation concerns and geographical political tense. These elements pushed gold into a safe property. Gold Price down, to reach Rs 56000 per 10 gram.
Gold price is Rs 90,000 per 10 grams in India. With this, many customers are waiting for a decline in gold prices. According to US -based analysts, gold prices can drop by 38% over the next few years. The fall of about 40% will bring gold to 10 grams in India to Rs 55,000. In the US –based technician expect steep cuts on gold prices.
Analysts are expected to drop the gold rate OUN from $ 3,080 to 8 1,820 per OUN. Well, the recent rally is supported by many factors, including economic uncertainty, inflation concerns and geographical political tensions. These factors pushed gold into a safe asset, especially during the trade disputes during the tenure of former US President Donald Trump.
These factors can be sinking on reduce gold price:
Market Saturation: In 2024, merges and acquisitions in the gold zone rose by 32%, symbolizing the maximum market. Additionally, the surge in gold -backed ETFs reflects the samples found before the previous price corrections.
Increased Supply: Mining profits in the second quarter of 2024 reached 50 950 per OUN. Also, global deposits have increased to 2,16,265 tonnes, increased by 9%, Australia increases production and recycled gold supply OM.
Low demand: Central banks are expected to be slowly acquired. Additionally, according to the World Gold Council survey, 71% of central banks plan to reduce or manage their gold holdings.
Also Read: Gold Price Today: Check latest rates in Mumbai, Delhi, Bengaluru and Chennai
