Gold price prediction: Gold and silver prices are changing daily. Gold prices are fluctuating rapidly. On Monday, gold prices fell in the Delhi bullion market. Furthermore, the ibjarates.com website also reported a decline in gold prices on Monday evening. Along with gold, silver prices also declined. The price of 999 purity gold is now ₹120,777 per 10 grams. The wedding season has begun. The question now arises: will the price of gold fall or rise?
The strengthening of the US dollar impacted gold prices. Spot gold remained at $4,000.65 per ounce, while US gold futures rose 0.4 per cent to $4,010 per ounce. Gold has fallen nearly 9 per cent from its all-time high of $4,381.21 per ounce. On October 20th, gold set a new record high.
According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of gold has declined to ₹120,777. Previously, the cost of gold was ₹120,777 per 10 grams. Market analysts say the dollar is strengthening, which is not supporting gold prices. Gold’s lustre increases when the dollar weakens, while its lustre decreases when the dollar strengthens.
According to the CME FedWatch tool, the probability of an interest rate cut in December has now dropped to 71 per cent, down from over 90 per cent previously. Meanwhile, US President Donald Trump and Chinese President Xi Jinping have reached an agreement on tariff reduction. The US has reduced the duty on China from 57 per cent to 47 per cent.
Analysts believe that gold prices will remain within a narrow range for the time being. In India, this range will be ₹1.19-1.22 lakh per 10 grams. If gold breaks this level, it could rise by 3-5%.