Gold prices showing the volatility of consecutive sixth-week declines due to strong US dollar value in the international market and in coming days it is expected to trade on a volatile level only.
According to SMC, global MCX Gold may trade in the range of 25200-25400 levels where silver may trade in the range of 34000-34415 levels. The gold December contract had been trading -0.18 percent to 25235 level on Friday in MCX.
On Friday, according to continue declining in COMEX, Gold hovered close at its six years lowest values. Due to strength in the dollar and expected U.S. Interest rate hike next month.
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A strongest dollar value which trending near an eight-month high against other major currencies pressurizes the bullion commodities, dollar boosted through a weakness in euro.
Alike another market U.S. Gold future also headed sixth consecutive weekly decline. On the other hand, Silver seems set to post 1% weekly gain, fracturing a five-week losing streak. India’s gold buying expected to fall at its eight-year low in December which will hurt by poor investment demands which results of back to back droughts gashed the earning of millions of farmers in the country.
When U.S. Dollar seems very dominating Gold prices, weak Gold keep local gold prices relatively strong. If you are looking for long term investments in gold or silver or any other Bullion than this time or coming days may consider as the best time to invest your capital in gold at its eight years lowest price.
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