Gold prices fell for 40 consecutive days: Know the reason
Gold prices have fallen for 40 consecutive days: Gold has become cheaper by Rs 31 per day in 40 days of the year 2024. So far the price of gold has fallen by Rs 1237, which is roughly Rs 31 if calculated on a day-by-day basis. According to experts, the price of gold and silver may fluctuate in the near future.
A steady decline over the past week
Gold prices have seen a steady decline in the last week. In 40 days this year, the price of gold has decreased by Rs 31 per day. As tensions continue in the Middle East, the Fed may also cut interest rates this year. The announcement of keeping interest rates steady at the Fed meeting at the end of January has seen a decline in gold prices.
Due to this, the price of gold fell
Gold price is below 61300 in futures market of India. Apart from this, the price of silver has also decreased. On the reasons behind the decline in gold prices in the 40 days to 2024, WealthWave Insides founder Sugandha Sach Deva said in a media report that the dollar index and the Federal Reserve led to a sustained decline in gold prices last week.
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Gold prices saw a decline of around 1.42%. According to the Fed, concrete evidence of a reduction in inflation will be needed before lowering the policy rate. Due to which the US dollar has seen an increase. The US central bank may decide to leave interest rates unchanged for a long period of time.
Daily reduction of 31 rupees
40 days have passed since the new year started. During this period, the price of gold has seen a decline of more than 31 rupees per day. 63,531 per 10 grams of gold on the last trading day of last year on the Multi Commodity Exchange. After 40 days on February 9, the price of gold in the Indian futures market is Rs 62,294 per 10 grams.
It means that so far the price of gold has decreased by 1237 rupees. If we calculate it per day, it is approximately 31 rupees. According to experts, the price of gold and silver may fluctuate a lot in the coming time as well.