Gold Prices Plunge: Expectations for Coming Days
The gold market has witnessed a significant drop in prices on April 13th, marking a noticeable shift after recent record highs. This drop saw a decrease of Rs 560 per sovereign for 22-carat gold, with the current price standing at Rs. 53,200 per sovereign. Additionally, the price per gram saw a decrease of Rs 70, settling at Rs 6,650.
This decline follows a remarkable surge in gold prices just the day prior, where prices soared by Rs 800 per sovereign, reaching an all-time high of Rs 53,760. However, despite this recent downturn, there are anticipations of another sharp rise in the coming days.
Forecasts suggest that gold prices could surpass Rs 56,000 per sovereign in Kerala, with traders citing various factors driving this upward trend. Concerns over geopolitical tensions in West Asia, inflation in the US, and economic challenges in China are expected to propel gold prices to new heights.
Furthermore, as fears of a global economic downturn persist, central banks worldwide are increasing their gold reserves. China, for instance, acquired an additional 224.88 tons of gold in the previous financial year, while Poland and Singapore also made significant purchases. Turkey notably bought 61.25 tonnes of gold between October and December alone.
With such dynamics at play, financial experts predict that the international gold market could see prices soar to $3,000 per ounce in April. These projections indicate a potentially lucrative period ahead for investors and traders alike, as the gold market continues to react to evolving global economic conditions.
