Gold prices fell 0.7 percent to $1,847 on Friday. According to commodity experts, this drop in gold and silver prices is more of a profit takeover than anything else. They said that the gold price hit a 9-month high last week and therefore profit booking is expected. Here are the details…
What do gold prices show? Experts explained
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As we reported as , gold closed Friday with a decline. Anuj Gupta, authorized at IIFL Securities, states that gold prices; He said the Fed’s dovish stance on rate hikes fell due to profit-taking as a result of triggers such as rising global inflation, rising industrial demand for gold and silver, and bad US data. According to the analyst, if the gold price breaks the upper $1,880 barrier, it is 1.960-1. It can go up to $980.
The Founder of Proficient Equities Limited, Manoj Dalmia, pointed out that the gold price has gone up over $1,835 per ounce and that there is a break in demand; He mentions that this breakout also fits the US Consumer Price Index data and the seasonal rise pattern in December and January.
Finally, Abhishek Chauhan, Head of Commodities and Currency at Swastika Investmart, states that the increase in worldwide inflation and supply shortages are driving the price of the precious metal up. Chauhan thinks that it may take more than a year for everything to return to normal, as it was at a pre-epidemic level, and that the increase in industrial consumption may give an advantage to the rise under these factors. It also predicts an increase in general commodity prices.