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Gold price plummeting down persistently! Further prospects? What do experts observe?
Posted on: 04/Feb/2021 3:40:20 PM
The price of gold has followed a decreasing trend since last 4 days in the international market! Presently, it is down by $11.90 per ounce and is sold at $1823.20.
Further, the sales started at a lower price for gold as compared to the price at the end of the previous sitting (session). This indicates a further reduction in the gold price.
The next important aspect is the support ratio at US $ 1800. The experts observe n this aspect that if this goes further lower, the trend on the medium-term can also be supposed to be in a declining trend.
With this reducing tendency of gold price in the international market, its echo is felt in the Indian market as well and showing a trend of reduced prices in the India Commodity Trade,
As tomorrow (Friday, 5th February) is the February Contract Expiry Day, a huge reducing trend is observed. However, the April Month Contract Price was down by Rs. 227 for 10 grams and was sold at Rs. 47580 for 10 trams gold)
This has shown a lower price as compared to the last sitting at the start of the day today (Thursday, 4th February). This only indicates further reducing trend.
As regards silver price in India, this also is down as an echo of the International Market Trend. The price of silver has come down by Rs. 608 per kg and is being sold at Rs. 67955 per kg. The price after yesterday’s sitting was Rs. 68565 per kg, today’s prices started at Rs, 67783 per kg for silver. This also indicates a reducing trend.
As regards the Chennai Metro City, the price of gold has tended to reduce for the 4th consecutive day! Today (Thursday, 4th February), it is down by Rs. 32 per gram and is sold at Rs. 4497per gram and as regards the gold sovereign, it is down by Rs. 256 and gold are sold at Rs. 35976 per sovereign.
Following the recent budget announcement regarding the reduction in import duty, the price of gold has been reducing over the last 4 consecutive days! Similarly, the silver price is also down over the last 3 consecutive days.
However, the experts feel that as the demand for gold in India will increase, the price of gold will also increase!
