There has been a major uptick in gold prices today. Gold price has also accelerated with the international market on MCX. Gold prices at the international level reached a height of 6 years.
The gold price at MCX has reached close to Rs 35,000. At 10.30 am, gold was trading at Rs 34844 per 10 grams with an increase of Rs 403 on the MCX. Silver, however, was trading at Rs 38,265 per kg with a gain of Rs 190.
According to Ajay Kedia, director of the Kedia Commodity, the gold price is the resistance at MCX at Rs 34,576. He has today given the target of Rs. 34850 to 35000 rupees for MCX on August futures.
On the MCX, for silver, for the July futures, the target is Rs 38300 to Rs 38600. According to Manoj Jain, director of India investment, the US and Iran tensions have been discounted in gold prices. The Sarafa market in Delhi was fast growing in the last week.
According to Angel Commodity, deputy VP Anuj Gupta, the currency of the US currency has fallen by 6 compared to the current currency. It has reached the lowest level of 3 months. The US dollar is showing signs of falling interest rates.
The effect of which is falling on gold prices. Gold price at international level has reached $ 1432 per ounce. Silver is trading at a level of $ 15.46.
Now knowledgeable people are speculating about the extent of interest cuts in the US. According to Edward Moya, senior market analyst at Omda Corp, the market expects the Federal Reserve to cut interest rates by 0.5 percent in the July meeting.
According to him, the question is no longer that the Federal Reserve will cut but this is how many deductions it will make. According to them, deduction of 0.5 percent is estimated.
At the gold price, the meeting between the US and China President will be affected this week. According to the experts, if there is some positive outcome in the meeting then gold prices may fall.