Gold Prices Fall

by The_unmuteenglish

Chandigarh/New Delhi, 7 December 24:Gold prices declined for the second consecutive week in the international market, prompting investors to weigh the decision to buy now or wait for further dips. The drop follows a Federal Reserve statement hinting at delayed interest rate cuts and a strengthening US dollar.

On the Multi Commodity Exchange (MCX), February 2024 gold contracts closed at ₹76,655 per 10 grams, while spot gold settled at $2,633.2 per ounce. Despite the decline, geopolitical instability continues to limit losses in gold prices.

Experts suggest gold prices in the domestic market may hover between ₹75,800 and ₹77,500 in the short term, while international prices are likely to remain range-bound. The Federal Reserve’s upcoming meeting on December 17–18 is expected to provide clarity on future price directions.

Goldman Sachs forecasts a bullish long-term outlook, with gold potentially reaching $3,150 per ounce if concerns about the US economy intensify. US policy decisions next year will also play a significant role in shaping gold’s trajectory.

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