- Advertisement -
Home Commodities Big News! Prices continue to rise due to increase in physical demand...

Big News! Prices continue to rise due to increase in physical demand of gold, know where gold will reach till Diwali

0
Gold Price: Big news! Gold became cheaper by Rs 6,100 from the record rate, know the latest rate

There has been a recovery in gold in the month of October. Rising crude prices, inflation, physical demand, supply concern from power crisis and high valuation of equity market are supporting gold prices.



Gold Price: In view of the international market, gold prices in India also increased on Monday, October 18. Today, on October 18, December Gold Price has increased by 0.11 percent to Rs 47,265 per 10 grams on the Multi-Commodity Exchange (MCX). On Monday, the price of silver also increased. Silver jumped 0.16 per cent to Rs 63,371 on October 18.

Gold prices rose 0.2 per cent to USD 1,770.26 an ounce, while US gold futures rose 0.1 per cent to USD 1,770.50 in the international market on Monday on US bond yields and a softening dollar.

Gold recovery accelerates

There has been a recovery in gold in the month of October. By the end of September, gold had gone below 46 thousand per 10 grams, which is currently trading around Rs 47900 per 10 grams on MCX. Rising crude prices, inflation, physical demand, supply concern from power crisis and high valuation of equity market are supporting gold prices. Experts say that at present there are many such factors, which are supporting gold. In such a situation, before Diwali, now is the right time to invest money in gold. If there is some fall in these, then entry can be taken for short term and long term.


Major reason for recovery

International crude oil prices have remained elevated. Brent crude is constantly trading around $ 83 per barrel. Agencies are assuming that crude can go up to $ 90 per barrel in the coming days. Inflation is increasing due to the rise in crude prices, due to which there has been a recovery in the prices of gold and silver.

On the other hand, when it comes to global equities, the valuations of the markets are high. There is a possibility of correction in the future. Data from different countries is indicating that the physical demand for gold has increased. Industrial demand for silver is increasing. At the same time, due to the power crisis in China, there has been concern about the supply. All these factors are positive for gold and silver.

 49500 target

Anuj Gupta, VP (Research), IIFL Securities, says that technically, for the short term, gold has support at $ 1720 an ounce in the international market, and $ 1850 an ounce resistance has been made. At the domestic level, gold has support at the level of Rs 47300 per 10 grams, while there is resistance at Rs 49000 per 10 grams. In the domestic market, investors should enter gold at a price of Rs 47500 by setting a target of Rs 49000 to 49500. Whereas put a stop loss at Rs 46800.

At the same time, entry should be made in the international market by making a target of $ 1850 to $ 1900 at the price of $ 1750 to $ 1760. Whereas put a stop loss at $ 1720.

Gold looks good in short term

Kedia says that the physical demand for gold has increased. Further festive demand at the domestic level will also affect gold prices. The IMF has expressed fears of pressure on the global economy. At present, due to inflation, rising crude prices, dollar index, power crisis, supply concerns are a positivity sentiment for gold.



The valuation of markets around the world is also scaring investors. In such a situation, there is a good rise in gold in the short term. He says that investors should buy from Rs 47500 to Rs 47000 till Diwali. Whereas for gold till Diwali, keep the first target of Rs 49500 and the next target of Rs 50000 per 10 grams. On the other hand, enter silver at a price of Rs 61000 and keep a target of Rs 66000.

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com

Exit mobile version