Gold prices, however, continued to rise steadily over the past two weeks, ending at Rs 53,000 per 10 grams in the indian commodity market. The price of the same silver has ended at the level of 69000 rupees. Will this rise continue in the coming week? Or decrease? Let's see what the experts predict. The price of gold in the international market has broken $ 1970 per ounce. Experts predict that this could touch the level of $ 2020 in the medium term based on the end price. This is expected to boost the demand for gold as a safe haven for many, such to rising international inflation and the upcoming wedding seasons.
According to Religare Broking's estimates in the medium term, there are several factors that favor gold. The rise in crude oil prices in particular may have contributed to the rise in gold prices. If there is any major rise in crude oil prices in the coming week it could boost the price of gold. This is because when the price of crude oil, the most important fuel, rises, it can trigger further inflation in international countries. gold, which is seen as the best hedging against inflation, may rise again.
The Ukraine-Russia problem continues to be the worst war ever. This is expected to continue. Due to this, it may promote the price of gold as a safe haven. That too is one of the things to look out for as the dollar trend will be reflected in the price of gold. And there is currently a severe lockdown in china due to the spread of corona. This may also boost the price of gold. GDP growth is also expected to suffer in the midst of the prevailing crisis. So the announcement could also have an impact on gold prices.
Meanwhile, speaking at a meeting organized by the international Monetary Fund, the chairman of the Federal Reserve said that in the midst of the current crisis, the views of the international economy and China's GDP are issues that need to be addressed in the market.
As the price of gold continues to rise due to the volatility of the dollar, the rupee may also have a major impact on the indian market. So the value of the rupee is one of the most important things to look out for.
Data on US industrial production will be released next week. So this is also seen as an important tool for pointing to the US economy. Perhaps this data could boost the price of gold if it comes in the opposite direction.
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