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News Topical, Digital Desk : Gold Price: After the decline of the last two weeks, a strong jump was seen in gold this week. In the domestic market, MCX gold rates rose by more than 4 percent, while spot gold prices rose by 2.65 percent. On Friday, gold closed at Rs 96,535 per 10 grams on MCX, which is an increase of Rs 3,835 as compared to Rs 92,700 last week.
The fall in rupee increased the growth in domestic market
According to experts, the fall in the Indian rupee also played an important role in this rally of gold. Last week, the rupee weakened by more than 1 percent against the dollar, making gold more expensive in the domestic market. Due to this, investors bought gold as a safe option.
America's uncertainty became a big reason
The US Federal Reserve has kept interest rates stable at 4.5 percent. Apart from this, the impact of economic instability and rising tariffs in the US is clearly visible on the demand for gold. The Bank of England's 25 basis point cut has also supported the gold price.
Border tension and global tariff war are also the reasons
At this time, investors are afraid of market uncertainty. The threat of tariffs on foreign films and the pharma sector from the US has increased tension in the global market. At the same time, the increasing tension on the India-Pakistan border has also further increased the safe-haven demand i.e. the demand for gold in the domestic market. However, the news of US-China trade talks and the new US-UK trade deal has given some stability to the market. But global confusion still persists.
Buy now or wait? Know the outlook for gold
At present, the rate of gold can remain between 94,500 and 97,500. If the level of 97,500 breaks, then it can go up to 98,780 or even a record high of 99,358 rupees. At the international level, gold has support at $ 3,280 per ounce, which can open the way to $ 3,420.
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