New Delhi, 15 November (HS). The price of gold, which was maintaining a strong record till a few days ago, is continuously falling. This week, the price of gold has weakened by 4.01 percent in the international market. This is the biggest weakness so far in the last 3 years on a weekly basis. Before this, in the second week of November 2021, the price of gold had fallen by 4.62 percent on a weekly basis.
In the international market today gold was trading at the level of $ 2,562.61 per ons. Similarly, gold futures on Comex were also trading at the level of $ 2,567.10 with a decline of 0.20 percent. Due to the fall in the price of gold, this shiny metal has reached its lowest level in two months in the international market.
Gold is currently trading at $ 238.39 from its highest level of $ 2,801 per ons. The effect of the decline in the international market is clearly visible in the bullion markets of India also. Despite being the wedding season, gold prices have been falling continuously for the last 7 days in most of the bullion markets of the country. Due to this fall, gold has today fallen below the level of Rs 76 thousand per 10 grams.
Bullion market experts say that after the victory of Donald Trump in America, pressure on the gold market has increased due to the strength of the dollar index. Along with this, the gold market has also been shocked due to the US Federal Reserve’s refusal to immediately cut interest rates further.
According to commodity market expert Rajiv Tyagi, due to the strengthening of the dollar index after the victory of Donald Trump, gold has become comparatively more expensive for those buying spot gold. Therefore, those who were investing in gold in large quantities till now have started withdrawing their hands. This has increased pressure on the price of gold. There is also a fear in the international market that America’s monetary policy may become more stringent after the swearing-in of Donald Trump next year. In such a situation, investors can increase their investment in stock or property market instead of gold.
Rajeev Tyagi says that negativity is visible in the international gold market in the short term. Despite this, gold investment can be considered attractive in the long term. If geopolitical tensions are not controlled soon and uncertainty remains in the global economy, the price of gold may rise once again. Market experts believe that the direction in which gold will move will be known only after Donald Trump comes to power in January. Therefore, at present, small investors should be very careful in implementing their investment plans in the gold market.
