By Admin 
Gold Price: The price of gold is once again seen bounce. On Wednesday, gold prices were strengthened in the domestic futures market (MCX). June delivery gold rose 0.66 per cent to 95,470 per 10 grams. The main reason for this boom is the weakness of the US dollar and global economic instability.
Dollar weak, gold becomes cheaper
US dollar weakness has made gold cheaper to other currencies internationally, which has increased demand. The direct effect of the dollar fall is that gold prices become cheaper for other currency holders and they are attracted to shopping.
Moodyes reduced credit rating
The tax deduction bill in the US and the rising budget deficit have increased the apprehensions about the financial situation there. Investors have turned to gold as a safe investment option after Moody’s recently reduced the US credit rating. Due to this, there has been an increase in the prices of gold and silver.
Interest rates cut worldwide
On Tuesday, the central bank of China cut off 10 basis points in its one year and five years loan rates, while Australia also cut 25 basis points in its interest rates. The impact of these policies has also been positive on the prices of gold and silver.
Scope for fall in prices low
Experts believe that China imported the most gold in about a year last month. Apart from this, the wedding season going on in India is also keeping the demand for gold strong. He said that until a big trigger is revealed, prices can remain with a limited range fluctuations.
Gold and Silver support and registration level
According to The Mint report, gold will be supported at 94,200 and 93,650, while 95,360 and 95,800 will be registered. At the same time, support on 96,650 and 96,000 for silver and registration from 98,000 to 98,850 can be seen. At the same time, silver can be purchased at the level of 96,800, in which 96,150 stop loss and 98,250 target can be kept.
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