Gold price in India Today: The yellow metal was trading marginally lower as the US dollar remained strong. Analysts said that the strengthening dollar is also due to anticipation that the Federal Reserve will not cut rates anytime soon, which has continued to put pressure on the gold prices. “The momentum of the US currency is proving to be a challenge for gold prices,” said Tim Waterer, KCM Trade chief market analyst.
India gold price today for 22k gold decreased by Rs 50 and traded at Rs 71,150 per 10 grams. The 24k gold price also fell by Rs 50 and was at Rs 77,620 per 10 grams. Price of 18k gold also decreased by Rs 40 and came down to Rs 58,220 per 10 grams.
Gold price in India today: Shift in demand
Meanwhile, the ongoing festivity season in India usually increases demand for gold, but the factors at the global level have not been offset by these festive seasons. Gold price today in India has been affected adversely by the reaction of the global market to the policies initiated by the Federal Reserve.
According to the traders, there is a probability of 89% of Fed cutting down the rates by 25 basis points during the forthcoming November meeting. However, some believe that it may hold the rates steady.
A leading financial expert Motilal Oswal believes that the price of gold may correct by 5-7% in the short term. However, investors must look out to buy at dips as the price can swing upwards sharply in the long term. India gold price today may have fallen, but many analysts suggest that the price can escalate dynamically in the coming two years, and can touch an unbelievable height of Rs 86,000 per 10 grams.
India gold price today has come under pressure due to international factors, but the long-term scenario remains positive. With festive season in full swing, traders are keenly watching how market responds next
Also, see: MCX Gold Prices in India Touch New High After US CPI Data Release
