Gold Prices Increased: Gold prices in the domestic and international markets have started strengthening again after falling to a two-month low. Gold futures for April 2023 on the Multi Commodity Exchange (MCX) ended at Rs 55,737 per 10 grams yesterday. If seen on a weekly basis, the price of gold has come down by about 0.54 percent.

Gold Prices Increased: In contrast to the Indian market, Gold Prices in the international market were 2 per cent higher and closed at around $1,848 an ounce.

Globally, gold prices bounced back this week after the US dollar corrected and the dollar index broke the resistance level.

Gold Prices Increased: What is the price of gold

An immediate support in gold rates lies near the $1,835 level, while a major support for the precious bullion metal lies near the $1,810 level.

The immediate support for the gold price on MCX could lie at Rs 55,300 per 10 grams, while the key support for gold is expected to hold near Rs 55,000.

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The gold price is facing resistance near 56,200 levels. In the international spot market, $1,860 is an immediate hurdle, while $1,890 an ounce is a major resistance.

Gold Prices Increased: Trend of gold prices

Bullion experts have advised investors to stick to ‘Buy on dips’ strategy. Mayank Devamurthy, a registered gold trader at the Bullion Exchange, says that the rise in the US dollar may continue in the next week,

due to which the price of gold and silver may remain volatile.

They believe that the purchasing of the US Dollar was one of the major reasons for the rise in gold price in the domestic as well as international market.

Last week, the dollar index rose above the 105 level, but found it difficult to stay there, which gave a boost to gold prices.

Gold Prices Increased: Golden Connection of US Dollar

Mayank Devamurthy believes that improving US macroeconomic data has supported gold prices. The end of the zero COVID-19 policy in China has led to an increase in activity in the economy,

the impact of which is seen in the manufacturing data released last week. US unemployment data has also been recorded better than expected.

Gold Prices Increased: How will be the rate of gold in the country?

The recently released forecast monsoon by the Indian Meteorological Department has expressed the possibility of the El Nino effect.

In such a situation, the possibility of drought increases. This may force the Reserve Bank of India (RBI) to take a dovish stance on interest rate hikes in the upcoming monetary policy meeting.

This is likely to strengthen the gold rate.

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