Gold Price / Gold price drops to over 4-month low, below ₹46,000 per 10 gram.

Zoom News : Aug 09, 2021, 06:31 PM

Gold fell to a four-month low on Monday amid an expected stronger US labor report and amid bets that the US Federal Reserve could soon reverse its massive monetary stimulus. 10 grams in line with a decline in international precious metal prices. Gold closed the previous trading at ₹ 45.708 for 10 grams.   


Nish Bhatt, founder, and CEO of Millwood Kane International said US employment data and the strength of the dollar drove the price of gold higher. “The gold price is on a downward trend. In the past two weeks, it has lost around 1% and almost 2,000 in value in today's trading. The latest released US employment data was better than expected dollar and government bond yields. A stronger dollar makes gold more expensive, "said Bhatt.  


Bhatt said US employment data also fueled the belief that the US Federal Reserve may begin tightening monetary policy sooner than expected. He said high-interest rates are 's appeal," Besides Expectation of a faster recovery in the US and global economies will reduce uncertainties and thus investor appetites for gold, "he said, raising his cups. Looking to the future will be the way countries will spread new varieties of gold." Control the virus, the recovery of the world economy and the pace at which the world central banks are easing their loose monetary policies guide the price of gold. " 


Navneet Damani, Vice President of Commodity Research at Motilal Oswal Financial Services, reiterated Bhatt's assessment:" Gold extended its decline along with it Silver after a stronger-than-expected US employment report on Friday, which led to betting that s the Fed could soon begin to cut its massive monetary stimulus. Dollar and benchmark 10-year government bond yields spiked according to the data, detracting from the appeal of underperforming gold, 


"Damani said Gold was open for subscription for five days from Monday, depending on risk tolerance. The widest range on the COMEX could be between $ 1720-1775 and on the domestic front, prices could be in the range of 45,800 -₹ 46,335.

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