Gold prices fell 0.7 percent to $1,847 on Friday. According to commodity experts, this drop in gold and silver prices is more of a profit takeover than anything else. They said that the gold price hit a 9-month high last week and therefore profit booking is expected. Here are the details…
What do gold prices show? Experts explained
kriptokoin.com As we have also reported, gold closed Friday with a decline. Anuj Gupta, authorized at IIFL Securities, states that gold prices; He said the Fed’s dovish stance on rate hikes fell due to profit-taking as a result of triggers such as rising global inflation, rising industrial demand for gold and silver, and bad US data. According to the analyst, if the gold price breaks the upper $1,880 barrier, it can go up to $1,960-1,980.
Manoj Dalmia, the Founder of Proficient Equities Limited, pointed out that the price of gold has risen over $1,835 per ounce; He mentions that this breakout also fits the US Consumer Price Index data and the seasonal rise pattern in December and January.
Finally, Abhishek Chauhan, Head of Commodities and Currency at Swastika Investmart, states that the rise in inflation and supply shortages around the world are driving up the price of the precious metal. Chauhan thinks that it may take more than a year for everything to return to normal, as it was at a pre-epidemic level, and that the increase in industrial consumption may give an advantage to the rise under these factors. It also predicts an increase in general commodity prices.
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