Norm Franz once quoted that “Gold is the money of kings”. Investors often purchase digital gold to diversify their portfolio. MCX gold rate touched almost ₹66,000 last Sunday. While Spot Gold prices rose sharply by 4.6% and reached a record high of $2195/oz. With the US employment rate rising, investors expected that the Federal Reserve might start cutting interest rates soon. Last week Bullion made its biggest weekly percentage hike in the last 5 months.
A Closer Look at Last Week’s Gold Price
MCX Gold surged consecutively for the third time and its price rose by almost 3.9%. It reached a record high of ₹66356 per 10 gm. The hike was probably a result of the firmness in overseas bullion markets. Vital resistance was located at 66500 and uninterrupted trading above it might open doors for 67200-67500. The crucial resistance of Spot Gold was located at 2195 and continuous trading above it might open doors for 2215-2225.
Gold Price This Week – A Change in the Scenario
The consecutively rising Spot Gold prices came under pressure on Tuesday (12.03.2024). Its price dropped by almost 1% after the unexpected US inflation report reduced the probability of the Federal Reserve cutting interest rates soon. Some stickiness in inflation was expected as US consumer prices increased steeply last month.
Spot Gold dropped by around 1.3% and touched a low of $2152/oz this week. Since gold is considered as a good asset for long-term wealth preservation, a fall in gold price makes it the perfect time for investors interested in online digital gold purchase.
(Gold Graph of 12th March 2024)
Time for some Digital Gold Investment
To ensure hassle-free digital gold investment, it is advisable to choose a reputable digital platform for gold transactions like myDigiGold. You can redeem the purchased gold online at sencogoldanddiamonds.com or visit any of our 150+ Senco stores according to your convenience.
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.