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Not just the stock market. The bullion market is also currently in a correction. Gold price, which ran like a racehorse last month, is currently looking at the bottom. 10 grams of Melimi (24 carats) gold fetched a record price of Rs.81,800 in the Hyderabad market on the 30th of last month. The price of 10 grams of sulfur is expected to reach Rs.1 lakh by December. But the scene changed with the results of the US presidential election. Currently, 10 grams of Melimi gold has come down to Rs.75,650. Remarkably, the price of 10 grams of Melimi gold has decreased by Rs.6,150 in just 17 days.
Respite for wedding season: In October, crude oil hit a lifetime high and many people put aside the idea of buying gold. Due to this, this year’s Dhana Triodashi also did not bring much to the bullion market. Market sources say that with the fall in the price of Gold during the wedding season, purchases have picked up again. With the decrease in prices, the jewelry shops in metro cities as well as small cities and towns are now crowded. On the other hand, the bride and groom’s parents are happy that the budget for wedding jewelry has been reduced due to the decrease in the price of Gold. Along with this, jewelers are announcing attractive offers to attract buyers.
The bullion market scene has changed with the election of Donald Trump as the President of the United States. An ounce (31.10 grams) of gold hit a record high of $2,790 (roughly Rs.2.35 lakh) in October and has now fallen to $2,570. In the last 15 days, the price of an ounce of pasidi has fallen by 220 dollars (about Rs. 18,581). According to market sources, the price of an ounce of crude oil is likely to drop by another 60 dollars by December. As a result, those who want to buy pasidi for weddings tend to wait for a few more days.
Things coming together..
- From a technical point of view, in the short and medium term, the future of the green market looks bearish. These things will contribute to this.
- New US President Trump’s economic policies
- A strengthening dollar exchange rate against major currencies
- Falling interest rates in major countries including the US
Although the bullion market is currently looking bearish, market sources say that this is the right time for long-term investments. If the situation worsens, the ounce of gold is likely to touch 3,000 dollars in 2025, according to market sources.
