Gold Price hitting 8 months low By Nish Bhatt, Millwood Kane International
Below are Views On Gold Price hitting 8 months low By Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
“Gold prices have slipped below the crucial Rs 46,000/10gm level, to hit an 8-month low. The rise in the US Treasury yield & stronger dollar, optimism of a larger economic stimulus package, and the vaccination drive have led to downside pressure on gold prices.
The rising treasury yield is indicative of a recovery in the US economy. The yellow metal has also lost investor's interest as the vaccination drive picks up pace, new cases are under worldwide. Gold prices in India have lost over Rs 10,000/10gm or 18% from its highs witnessed in August 2020. Going forward risk of a second wave of cases, easy liquidity, global economic recovery will guide gold prices.”
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