Gold prices have been volatile for the past few days. This is how it is anymore. Will the price increase? Or decrease? What can be done now. Let’s see what the experts predict.
The price of gold is currently trading above its key support level of $ 1800. It is expected to see more boom.
As a result, the price of gold in the Indian market continues to rise.
Fear of Omigron
Fear of Omigron has been growing internationally over the past few days. Omigron cases have been on the rise in India for the past few days, posing a threat. There are fears in the market that this could lead to more tight lockdown restrictions. This is expected to lead to an increase in the price of gold as a safe haven
Will it have an impact on the economy?
Due to the ever-increasing Omigron, there are fears that it could affect economic growth. Due to this the price of gold as a safe haven is expected to increase in the long run. So this is seen as a positive thing for gold.
Important Datas
On the other hand, data on retail sales, indicating economic growth, rose to 8.5% in November, despite the continued impact of Omigron in the United States. This indicates that the demand of the consumers is increasing. This indicates that the economy as a whole is returning to a strong growth trajectory.
No lockdown
Experts predict that this could have an impact on the economy as the impact of Omigron grows. Meanwhile the restrictions in the UK have not been increased despite the impact of Omigron. Although France has similarly increased restrictions, it is expected that there will be no restrictions on New Year’s Day.
Situation in China
Meanwhile, travel restrictions have been increased in major Chinese cities. There are fears that this could hurt China’s economy. However China’s yuan currency will remain in a flexible position. This will not change much. It will be uniformly stable. However, the People’s Bank of China has indicated that the overall debt ratio will increase in 2024.
The dollar may become supportive
The value of the US dollar, one of the key factors determining the price of gold, is expected to continue to support gold in the last days of the year. It is important to note, however, that the rising bond market and international stock markets may be reflected in the price of gold. The value of the Indian rupee against the Indian market may also support gold.
Comex Gold
The price of gold in the international market has remained largely unchanged. The ounce is currently trading at $ 1811.35, up $ 2.55. It is seen to be slightly stronger today than in the last session. The price of gold is expected to rise in the long run as various factors favor gold.
Jewelry Gold Price
Jewelry gold prices have risen slightly. Especially in Chennai, it has remained largely unchanged so far. At present, the price of jewelery gold has increased slightly to Rs 4,556 per gram and to Rs 36,448 per gram for the same razor.
Prices of pure gold
In the same Chennai today the price of pure gold is seen to be slightly higher. This is also slightly increased to Rs 4,970 per gram and Rs 39,760 per razor.
What can you do today?
The price of gold and silver is seen as likely to increase in the long run. However, in international markets, gold prices may fluctuate slightly in the medium term amid factors such as the holiday and fears of Omigron. So it is good for medium term traders to trade with a bit of caution. Similarly, the price of jewelry gold has not changed much. So it is considered as the right place to buy if needed.
