Last week spot gold prices fell by almost 1%, experiencing a noticeable decline in the last few months. The strong economic data strengthened the US dollar which partially led to the decline. The expectations of an early rate cut lowered because of comments by Federal Reserve policymakers last week. As US retail sales increased in December, the economy came on solid ground.

Gold prices hit more than a month's low of $2001/oz before settling at $2029/oz. The downside in bullion prices got limited due to escalating tensions in the Middle East. The ongoing geopolitical risk is expected to provide a base to gold prices and keep them within $2,000. Traders feel that there is almost a 35% chance of a rate cut in March. The sudden decline in gold prices makes it the perfect time for digital gold purchase.

A Quick Look at Last Week Gold’s Price

Spot Gold prices dropped by almost 1% and moved more than a month's low of $2001/oz last week. It made the biggest weekly fall as rate cut optimism dulls. The Fed might require more inflation data before making any judgement about rate cut, according to Austan Goolsbee (Chicago Fed President).

Raphael Bostic, Atlanta Fed President said that baseline for cuts might start in the third quarter. Strengthening of the US dollar index and increase in the US bond yields also put pressure on dollar-denominated gold prices as a stronger dollar made greenback-priced gold more costly for foreign currency holders. A closer look at last week’s gold price will help you take a more informed decision when buying 24K digital gold.

Make the Most of the Fall in Gold Price with Digital Gold Purchase

People show more interest in buying digital gold when gold prices fall. One of the primary benefits of online gold purchase is that you can invest in small fractions (as low as 0.05 gm). You can also enjoy digital access to the purchased gold anytime and anywhere. It is advisable to choose a reliable digital platform like myDigiGold for digital gold buy and sell. You can even redeem your purchased digital Gold any time from our Senco website or any of the 150+ Senco stores spread across India.

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.