Price of gold may increase again..!? Alarming prediction..!?

Gold prices broke the previous high of Rs 56,370 per 10 grams on january 13, 2023. It reached a peak of Rs 56,850 last Friday. It is expected to make new highs again and again in the coming week. Meanwhile, many experts are predicting that they can buy. Commodity experts, while the value of the US dollar is seen in a 7-month decline, the price of gold continues to be at its peak. This could favor safe-haven gold. It has further crossed 55,000 rupees. It is expected to increase to Rs 57,500 in the medium term. However, the dollar remains one of the things to watch in the coming week. The value of the same dollar is at the level of 101.
Data on retail sales and manufacturing fell to two-year lows. Data on home sales also saw the worst decline in 12 months. This shows that the US economy is in decline. U.S. Federal Reserve officials expect interest rates to remain at their peak for an extended period of time even as inflation eases. It is expected to increase slowly in the current year.An increase of 25 basis points is expected in the upcoming meeting. This is expected to put further pressure on the economy. IIFL Securities expects the key support price of gold to rise to $1885 and the same resistance level to $1950-2000. The GDP forecast is expected to be released in the coming week. This is also expected to have an impact on the market. There is a fear of recession in the leading economic countries including the United States. This could favor safe-haven gold.

మరింత సమాచారం తెలుసుకోండి:

price of gold increased

Sowmiya Sriram

22/01/2023 12:06 PM