Gold Has Fallen From Record High, Will The Price Bounce Again? If you want to buy gold, then you know the opinion of experts

Bombay. After breaking gold’s all-time high, its price has fallen rapidly. gold prices (gold price today) Due to the decline, investors are getting an opportunity to invest in it again.
In fact, gold prices have fallen sharply as the US Federal Reserve and most European central banks take a slightly softer stance on rate hikes and the dollar bouncing back above 10-month lows.

Gold prices in domestic markets are £58,847 per 10 grams. The April 2023 gold futures contract on the Multi Commodity Exchange (MCX) closed at ₹56,560 per 10 grams, down ₹2,300 from its new record high.

These levels will be important for gold
According to commodity market experts, a mildly dovish stance on rate hikes by the US Federal Reserve and most European central banks led to demand for the dollar, helping the US dollar bounce off its 10-month low. These experts say that the gold price received strong support in the international market at the $1,860 level. At the same time, in the domestic market, gold prices are keeping strong support at the 56,500 level and from here a rise to 57,700 is expected.

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Effect of the interest rate cut on the price of gold
According to Mint news, market analyst Sugandha Sachdeva said there were a few reasons behind the fall in gold prices from all-time highs. As expected, the US Federal Reserve raised interest rates by 25 basis points and indicated that it would remain on a soft stance. Apart from that, Europe’s central banks also remained soft. Investment flow towards the US dollar increased as interest rates did not rise much.

Sugandha Sachdeva said the jobs data in America pointed to a lot of strength in the job market. Nonfarm payrolls rose 517,000 jobs in January, well above expectations for a 185,000 job gain, while the unemployment rate fell to 3.4 percent.

Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said: “Gold prices traded above Rs 58,800 per 10 grams and silver prices near Rs 72,700 after the Fed made a small 25 basis point hike. However, due to the US Federal Reserve’s concerns about extreme interest rates, the dollar index rose towards the end of the week, which led to gold beginning to post gains. With the global economy under pressure from frequent rate hikes by central banks, the price of gold is expected to rise following the recent correction.

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