Gold became cheaper by so many rupees, if you also want to invest then do not delay!

PC: tv9hindi

There is good news for investors planning to buy gold, as gold has come down after touching its lifetime high. Gold prices on the Multi Commodity Exchange (MCX) declined after touching a new all-time high of Rs 66,356 per 10 gram, led by the rising US dollar against major global currencies. Gold contracts for April 2024 end on MCX ended at Rs 65,545 per 10 grams on Friday last week, indicating a decline of more than Rs 800 compared to the new high.

Buy with this strategy :

According to commodity market experts, this fall in gold is merely profit-booking, which started after the rise in the US dollar. He said the US dollar received support from warmer-than-expected US CPI data and PPI rates. That's why it happened. He said that the price of gold on MCX is currently between Rs 64,300 to Rs 66,000 and moving out of this range on either side could indicate a bullish or bearish trend. However, he advised gold investors to maintain a strategy of 'buy on dip' for every 2% to 3% decline from current levels.

Connection to America:

Commenting on the pause in the ongoing surge in gold prices, Sugandha Sachdeva, Founder, of SS WealthStreet (formerly WealthWave Insights) said in a media interview that the US CPI and PPI rates for February were warmer than expected. The dollar index hit a one-week high, dimming expectations of a rate cut. The consumer price index (CPI) came in at 3.2% year-on-year, compared to an expected 3.1% increase, despite a slight contraction.