Big upheaval in the gold market, investors got a shock, the price fell drastically

A big fall was recorded in the prices of gold on Friday. In futures trade, gold fell by Rs 1,221 to Rs 1.58 lakh per 10 grams. Market experts say that high crude oil prices, ongoing tensions in West Asia and uncertainty regarding interest rates have affected investor sentiment, due to which gold prices But pressure was visible.

Gold for August delivery fell on MCX

In the Multi Commodity Exchange (MCX), the price of gold contract for August delivery fell by Rs 1,221, or about 1 percent, to Rs 1,58,326 per 10 grams. During this period a turnover of 8,346 lots was recorded.

According to analysts, there was a continuous rise in gold prices in recent times, after which investors also booked profits. Its effect was clearly visible in the futures market.

Tension in West Asia becomes a matter of concern

Choice Broking’s Commodity Fundamental Analyst Pinky Yadav said that the persistent geopolitical tension in West Asia has made investors cautious. The market is keeping an eye on what effect these events can have on inflation and global interest rates.

He said that investors are currently avoiding taking risks and are keeping an eye on global economic indicators. This is the reason why fluctuations in gold have increased.

Impact of stability in dollar index also

According to experts, the dollar index remained stable around 99.4 due to continued demand for safe investments. Generally, a strong dollar impacts gold prices because it makes gold expensive in other currencies and may weaken demand.

Softness in international market also

A decline in gold prices was seen in the domestic market as well as in the international market. On New York’s Comex Exchange, gold futures for August delivery fell by $ 16.63, or 0.37 percent, and were seen trading at $ 4,488.37 an ounce.

What will you keep an eye on next?

Market experts believe that in the coming days, investors will keep an eye on US interest rates, inflation data, movement of the dollar and developments in West Asia. Depending on these factors, gold prices may continue to fluctuate further.