Toba Beta once quoted, “Never trust money more than gold.” When 2024 began, existing digital gold investors anticipated high gold prices due to continued geopolitical risk. But the scenario changed, and the precious yellow metal witnessed almost 1% price drop in the first week of January. On 8th January, MCX gold became as low as around ₹57,800 per 10 grams of 22K gold.
The weekly drop came after almost one month as investors in the US speculated that the Federal Reserve might delay interest-rate cuts. The sudden fall in gold prices makes 2024 the perfect time to buy and sell digital gold. myDigiGold is one of the few names you can trust for hassle-free online transactions if you are planning to buy 24K digital gold.
Last Week Gold Price’s Performance
Spot Gold prices declined by about 0.8% in the first week of January and touched more than a two-weeks low of $2024/oz. The sudden fall in the price of the yellow metal as 2024 starts erased the previous gains caused by strengthening in US dollar index, US bond yields and upbeat job data from US. A closer look at last week's price performance will help digital gold investors make a wiser investment.
What Caused the Decline in Gold Prices?
Though inflation was coming under control according to Fed minutes, there was no certainty about the timing of rate cut. Last week even the US dollar index strengthened after almost 3 weeks. Economists expected about 168K addition in US non-farm employment, but data showed that around 216K jobs were added by employers in December. All these led to the decline in Spot Gold prices.
Low Gold Price – A Golden Opportunity for E-Gold Investors
Since e-gold investors still operate by the principle of buy low and sell high, the drop in MCX gold price has enhanced the demand for digital gold. If you are also planning to buy 24K digital gold, myDigiGold is the name you can trust. You can redeem the purchased gold online at your convenience by visiting sencogoldanddiamonds.com or any of our 150+ Senco stores.
Disclaimer: The data provided on this blog is for general informational purposes only. The data is based on our research and understanding, and we cannot guarantee its accuracy or reliability.