5 important aspects that will determine the price of gold..?

The gold price has seen a 2.39% rally this week, after being in a rut for the past few weeks. This has caused a great shock among gold enthusiasts and has raised expectations of how much more it will increase. As expected, even though the US Federal Reserve bank has increased the interest rate, the price of gold has increased. The dollar was largely unchanged this week despite a rise in interest rates. It is the source of gold price. Meanwhile, how will the price of gold continue in the coming week? Or will it decrease again? What are the things to look out for? Let's see.
The bank of england has already increased interest rates 5 times from december 2021. This has been compounded by inflation hitting a four-decade high. In this situation, it is expected that the interest rate may increase due to inflation due to the upcoming meeting. In addition, experts believe that the value of the dollar and the value of the pound can have an impact on the price of gold. Investors are waiting for the upcoming RBI meeting. This may lead to an outflow of investments from the indian stock market. Similarly, as the value of the rupee continues to decline, this may also have an impact on the price of gold.In the US, non-farm payroll data will be released next week. This may indicate the value of the US dollar and the development of the economy. This may further impact gold prices. This may prompt the US Federal Reserve to take action. Crude oil prices may be affected by key decisions taken at this meeting. Due to this, there is a fear that inflation may continue to increase. However, oil nations are expected to agree to increase production in this meeting. Investors are also looking at this. So this can also have an impact on the price of gold.It is expected that the data on the production of the USA, China, Europe, and other countries will be released in the coming week. So this is also expected to have an impact on the market. Overall, there is a fear of what will happen to the gold price in the coming week. In the current week, the gold price is at the level of Rs 38,520 per bar. In the same international market, it was seen at a level of 1764 dollars per ounce. 51,430 per 10 grams in the same indian market.
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Sowmiya Sriram

31/07/2022 02:51 PM