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Reasons for downtrend price of gold
Posted on: 09/Dec/2017 11:36:23 AM
Due to the international economic reasons, the price of god has shown a downtrend. However, it is widely expected by the Chennai Gold and diamond jewellery traders that gold price will pick up with the onset of the Christmas festive season.
There has been a downtrend in the gold price over the last few days.
As the crude oil price has gone up in the international market, it has drawn the focus of the investors leading to the downtrend in gold price.
The secretary of the gold and diamond jewellery traders association, Santhakumar, explained in this regard that there has been an increase in the stagnant condition of the international economic situation and the industrial deadlock, there has been a reduction in the investors of gold. Further, these investors are also selling the gold in their possession. This has led to a decrease in demand for gold in the international market.This, in turn, has led to the decrease in gold prices.
The prospects are that this situation may prevail for the next few days.
However, with the advent of the Christmas and New Year season, there will be changes in the trend of gold prices. It is a regular phenomenon that the sales of gold are rather high during the Christmas and New Year festive season. So, the demand for gold will thus increase leading to increase in its price.
Thus, the environment is just right with the advent of Christmas season in a week’s time, the prospects of an increase in gold price are imminent.
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