Gold price reduced drastically after budget

Mumbai, 5/2 (AO Bureau)After cutting the duty by two and a half percent on gold in the budget, its prices are under pressure. For the last three days, it is on the path of decline in the spot market. After the budget, gold has fallen by Rs 2500 per ten grams. Analysts believe that it will fall further after the bond yields rise and the relief package in the US. This is going to have an impact on the domestic market. Otherwise gold will go down further. Those who are going to buy gold are waiting for this to be bought if they go down further. But the question is, how long to wait?

Analysts say that the corona vaccination has gained momentum in the country and the dollar’s strength in the international market is increasing. From now on, there does not seem to be any hope of strengthening the price of gold. According to experts, gold can get support in the international market at $ 1770 per ounce, while in the Indian market, the target should be 46,800. If gold has achieved this target then it can come to Rs 46 thousand per ten grams. If there is any recovery in gold from here, the maximum can go up to Rs 48,200 per ten grams.

Now you can buy gold at 46000?

The demand for gold has increased and it has crossed the pre-Kovid level. But after the tax cuts by the government, the price of physical gold has not increased immediately. 2020 was the worst year in terms of demand for gold. According to the World Gold Council, gold demand in India was 690.4 tonnes in 2019 but in 2020 it came down to 446 tonnes. Due to expensive gold, ordinary customers kept a distance from it. Analysts believe that this is the time to buy gold. If gold comes at the level of 46 thousand then you should buy it immediately because there is no hope of going down from it in the near future.

Comments are closed.