Share market cryptocurrencies decilining rates may increase Gold prices in coming days
The falling prices of cryptocurrencies in the global market may prove to be a better trading opportunity for weak gold. Its effect is expected to be visible in the coming days.
New Delhi. The price of gold and silver is seeing a decline again today. Gold has become cheaper by more than Rs 9000 from all time high. Despite this, falling cryptocurrency prices may prove to be a better opportunity for gold recovery. Experts also believe that this can happen. This is because equity markets are already overvalued. In such a situation, investors can move towards gold. Then the continuation of the continuous decline in the dollar for the past few days at the global level is also considered favorable for gold.
gold price in indian market
Talking about the Indian markets, the price of gold in the Multi Commodity Index declined by Rs 78 to Rs 46,996 per ten grams. Whereas during the trading level today, gold had come down to Rs 46,869 with ten grams at the day’s low. Whereas today gold had opened at Rs 47,178 per ten grams, which went to the high level of the day with Rs 47,247. Whereas on Monday, gold had closed at Rs 47,074 per ten grams.
price in foreign market
As far as the foreign markets are concerned, there is a fall in the price of gold by $ 7.20 per ounce and is trading at $ 1775.70 per ounce. While the gold spot is trading at $ 1777.41 with a fall of $ 5.86 per ounce. Talking about silver, it is trading at $ 25.89 per ounce with a fall of 0.69 percent. While the price of silver spot is down by 0.51 percent and is trading at $ 25.82 an ounce.
Silver price continues to fall
According to the latest update, more fall is being seen in silver than gold. At present, the price of silver is trading at Rs 67567 with a fall of Rs 195. Whereas today the price of silver opened at Rs 67755 and went down to the day’s low with Rs 67158. Let us tell you that on Monday, the price of silver closed at Rs 67762 per kg.
Golden Carpet for Gold Decline in Cryptocurrencies
Looking at the market trends, Ajas Kedia, Director, Kedia Advisory, says that the fall in the cryptocurrency is creating a golden carpet for the price of gold. The effect of which will be seen by the investors in a few days. If the cryptocurrency continues to decline, investors could move towards gold. This is because the price of gold is in an attractive stage. The equity market is already overvalued and the dollar continues to depreciate, which can prove to be a key factor in the rise in the price of gold.
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