There has been a big decline in the price of gold since November 5. In about 50 days, it has become cheaper by more than Rs 2500 in the futures market of the country. The main reason for this is the increase in the dollar index. Which has crossed the level of 108 from the level of 105. According to experts, the effect of the strengthening of the dollar is being seen in the fall in gold prices. It may become stronger in the coming days. There is a reason for that too. On January 20, Trump will take oath as the President of the country. After which the dollar index figure can also cross the level of 110. At the same time, the Federal Reserve can keep interest rates on hold in the last month of January. This means that gold seems to be getting minor support. Let us also tell you at what level gold prices are being seen at present.
Gold became cheaper on MCX
There has been a big fall in the price of gold on the country’s futures market Multi Commodity Exchange. Especially after November 5, gold prices have fallen significantly. If we look at the data, a decline of 3.25 percent has been seen in the price of gold in about 50 days. On November 5, the price of gold on the Multi Commodity Exchange was Rs 79,105 per ten grams, which fell to Rs 76,544 per ten grams on December 27. That means, in about 50 days, the price of gold has fallen by Rs 2,561 per ten grams. According to experts, the price of gold may fall further in the coming days.
Will gold prices fall further?
Now the big question is whether we will see further decline in gold prices? According to experts, the rise in the dollar index may continue in January also. The effect of which can be seen on the price of gold. Donald Trump will take the oath of office on January 20. After which the dollar index is likely to cross the level of 110. Due to this, the price of gold in the futures market of the country is likely to reach the level of Rs 75 thousand and below.
current dollar index
At present the dollar index is trading at the level of 108. On November 5, the dollar index reached the level of 103.42. After this, an increase of 4.42 percent has been seen in the dollar index. An increase of 2.15 percent has been seen in the dollar index in the last one month. Whereas the dollar index has seen a bumper increase of 7.60 percent in the last 3 months. The dollar index has seen an increase of 6.59 percent in the current year. However, the policy meeting of the US Central Bank Fed Reserve is going to be held in the last days of January. In which the Fed can stop the cut in interest rates. Due to which there may be a slight break in the price of gold.
