What are experts saying as gold falls below ₹95,000 per 10 grams?
Gold prices have been on a decline in recent weeks, and the latest development has seen the precious metal fall below the psychological barrier of ₹95,000 per 10 grams. This sudden drop in price has left many investors and buyers wondering if it’s the right time to get in on the action. In this blog post, we’ll delve into the experts’ views on the current gold market and what it means for Indian buyers.
Experts Weigh In
According to Aksha Kamboj, a market expert, the falling gold prices are a positive development for Indian buyers. “Gold is a reliable asset, and as prices fall, it becomes more attractive to buyers,” she said in an interview. Kamboj attributed the decline in gold prices to the easing of US-China trade tensions and the developments around the Russia-Ukraine war and the US-Iran nuclear deal.
Renisha Chainani, an expert at Augmont, also shared her views on the current gold market. “As gold prices broke the double-top neckline support of $3,200/ounce, more downside is expected up to $3,000/ounce in the short term,” she said. Chainani’s prediction suggests that gold prices may continue to fall in the short term, making it an attractive buying opportunity for investors.
Market Trends
The gold market has been experiencing a downward trend in recent weeks, with prices falling by over 5% in the past month alone. The decline is attributed to a combination of factors, including the easing of trade tensions between the US and China and the decline in demand for safe-haven assets like gold.
However, despite the decline, gold remains a popular investment option for many investors. The precious metal has historically performed well during times of economic uncertainty, and many experts believe that it will continue to do so in the future.
Should You Buy Gold?
So, should you buy gold at its current price? The answer depends on your investment goals and risk tolerance. If you’re looking for a safe-haven asset to diversify your portfolio, gold may be a good option. However, if you’re looking for a high-return investment, you may want to consider other options.
Gold prices have been volatile in recent years, and there are no guarantees that the price will continue to fall. However, with the current price below ₹95,000 per 10 grams, it may be a good time to buy if you’re looking to invest in the long term.
Conclusion
In conclusion, the current gold market is experiencing a downward trend, with prices falling below ₹95,000 per 10 grams. While some experts believe that gold prices may continue to fall in the short term, others see it as a buying opportunity.
As an Indian buyer, it’s essential to consider your investment goals and risk tolerance before making a decision. Gold is a reliable asset that has historically performed well during times of economic uncertainty. However, it’s essential to remember that there are no guarantees in the market, and it’s essential to do your research before investing.
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