GOLD UPDATE WEEKEND BASIC DOWN SIDE Last week we predicted that Gold Price will touch 2527$ on higher side and 2467$ on lower side . It actually touched 2530$ on higher side & 2471$ on lower side.
Our Spot #Gold Range Prediction from 28/08/2024 to 30/08/2024 is as under.
Gold Spot : 2471$-2525$
Gold INR : 70600-72250
It must be remembered that price of precious metal depends on so many world wide factors like inflation, Fed interest rate, trade barrier, geopolitical tension, demand, supply, bond yield, dollar index , GDP, payroll data, CPI, currency fluctuation, debt ceiling , expected tax & duty changes, other commodity price crude oil etc. etc. and hence there can not be any accurate barometer of predicting precious metal price.
Gold INR has been calculated taking Gold Spot international price and converting the same assuming fixed Indian rupee rate. However, this is not accurate method as change in rupee value to dollar can substantially impact Gold INR price. Pl. note that price of commodity doesn't depend upon performence of company but depend upon performence of world economy, hence it is extremely risky to trade in commodities. Commodities market also become more volatile during contract expiry.
These are not a recommendation for buy or sell. This view is only for educational purpose. You are requested to consult your financial advisor before entering in to any trade.
