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Will certainly gold prices go below 50,000 Here is what experts assume
The drop of over Rs 4,000 shows a downward trend that has obtained professionals divided over whether this is the best time to buy gold.
Gold rates in India remained to succumb to the sixth successive day on Thursday. On MCX, quality of the yellow steel fell by 0.22% per cent to work out at Rs 51,665. The precious metal had shut at Rs 52,173 per 10 gram in the last trade.
On August 6, the gold rate touched its highest ever before the peak and went across Rs 56,000 per 10 gram.
The decrease of over Rs 4,000 this month has led some specialists to think that the rate of the rare-earth element will go down below Rs 50,000 per 10 gram.
What specialists need to state:
“Gold costs proceeded disadvantage on Wednesday on positive view on vaccine hopes as well as reducing US-China trade stress,” according to HDFC Securities Elder Analyst (Commodities) Tapan Patel.
According to market specialist Kunal Shah, those who require to buy jewellery needs to wait as gold prices will undoubtedly fall even more. The price is expected to go down to as high as Rs 50,000 per 10 gram, he claimed.
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