Mumbai: The brightness of gold metal i.e. gold (Gold Price) is increasing day by day and the price is increasing rapidly. In the US, after the Consumer Price Index data and the dollar index slipped to a 7-month low, gold prices have gained further momentum. Gold futures on the Multi Commodity Exchange (MCX) for February 2023 broke its previous record high of ₹56,191 per 10 grams and touched a new high of ₹56,245.
Despite this, buying continued at higher levels, and on MCX, gold prices once again surged and touched new highs of ₹56,260 and ₹56,370 per 10 grams in the weekend session. Gold prices last closed at ₹56,341 on MCX. On a weekly basis, the domestic market registered a growth of about 1.10 percent. However, in the international market last week, gold prices rose by about 2.95 percent and closed at $1,920 an ounce.
Weakness in CPI data and the dollar index led to the rise
According to commodity market experts, gold rates are gaining ground across the world after softening US CPI (Consumer Price Index) data, which pushed the dollar index to a 7-month low. Experts also said that US inflation growth for December 2022 marked the lowest annual increase since October 2021, fueling speculation about the US Fed slowing its stance on interest rate hikes. Due to this, the price of gold increased in the weekend session.
To what levels will the price go?
He further said that if the price of gold sustains above ₹55,600, then we can see a further rise in this precious metal, and gold price can go up to ₹57,700 level on MCX in the next round. According to the news of Live Mint, Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investment, said, “There is a 95 percent chance that the US Fed will increase interest rates by 0.25 percent in its next meeting. Expectations of softening of interest rates in the US and the start of economic activities in China are increasing the demand for crude oil, due to which its prices are witnessing a rise and this is supporting the price of gold.
Commenting on gold investing, Anuj Gupta, IIFL Securities said, “For the coming week, gold has taken strong support near ₹55,700 levels and then ₹55,200 levels, while facing resistance near ₹56,600 and ₹57,000 levels. have to do. Let us tell you that the price of gold per 10 grams in the country’s bullion market is trading at the upper level of 56 thousand.
