Gold Price Hits Its Lowest In Last 2 Years

Due to the frequent ups and downs in the global gold markets and changes in the international exchange rates, gold price hits its lowest in last 19 months. The effects of this price reduction have caused a favorable condition among the potential gold buyers. The reduction in the price continued to slow down for a few days but it gained some strength late last night with a slight gain.

gold bar

Multi Commodity Exchange (MCX)

This MCX has been a crucial factor for this market situation. The MCX indicator ended a down of 112 rupees and it closed at 25,654 rupees for every 10 gram. The same indicator hit its lowest at 25,435 rupees previously and it was the lowest in the last 19 months. This precious yellow metal was also influenced by the US market where the MCX recorded a low of 0.37% and the price ended at $1.382.2 for every ounce.

The Possible Upcoming Boost:

The bullion market experts, however, are not very much sure about the future price of gold. The experts feel that the prices are likely to go up once again after Akshaya Tritiya, a festival dedicated to gold purchasing. However, they are of one opinion that this is the best time for the potential buyers to make a good purchase of this metal, as the prices are likely to go up again sooner or later.

India has been putting its best efforts to adopt suitable policies to increase its gold assets. The announcement of P. Chidambaram, the Finance Minister of India, has a favorable impact on this market situation. The experts have firm faith in the role played by the minister.

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