Good time to buy gold: Following rebound in dollar index and US Fed officials remaining committed to raising interest rates, gold price rally took a pause in the week gone by. Ending the four weeks rally, MCX gold rate finished at Rs 51,505 per 10 gm levels, logging over 2 per cent weekly loss in the week gone by whereas spot gold price ended around $1,747 per ounce levels. Good time to buy gold: price down today, check latest price.
Gold headed for the first weekly decline in five as traders weighed reiteration from Federal Reserve officials that they’re determined to hike interest rates to fight inflation. Policy makers offered divergent views on the size of the next interest-rate increase, but they agreed on the need to keep raising interest rates.
Bullion dropped to a three-week low as the dollar and Treasury yields strengthened, bringing the precious metal’s weekly loss to 3.1 percent. On MCX, gold rate has immediate support placed at around Rs 51,000 levels whereas major support is still placed at 48,750 to Rs 48,800 per 10 gm levels.
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They said that strong dollar is expected to put pressure on the gold price and the precious yellow metal may come close to its immediate support. However, they maintained that overall ‘outlook for gold rate is ‘sideways to positive.’ On MCX, gold price has immediate support placed at Rs 51,000 per 10 gm levels whereas it has major support placed at Rs 48,750 to Rs 48,800 per 10 gm levels.”
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