Now Reading: Gold Falls Rs 6,500 in Three Sessions on MCX August Rally Fades
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Gold Falls Rs 6,500 in Three Sessions on MCX August Rally Fades
Gold Falls Rs 6,500 in Three Sessions on MCX August Rally Fades
Gold prices on MCX have dropped by more than Rs 6,500 over three trading sessions, retreating from a near three-month high of Rs 1,64,773 reached on August 24. The sharp rally that…
Gold prices on MCX have dropped by more than Rs 6,500 over three trading sessions, retreating from a near three-month high of Rs 1,64,773 reached on August 24. The sharp rally that preceded this fall pushed prices to their highest level since late May.
Analysts attribute the correction to profit-booking after the recent surge and a stronger dollar index in international markets. The next support level for gold on MCX is seen at Rs 1,55,000, with resistance at Rs 1,63,000. Traders are advised to buy on dips near support and book profits near resistance, as the medium-term outlook remains positive due to global uncertainties.
Indian Opinion Analysis
The correction in gold comes after a 12% rally in six weeks that took prices within striking distance of the all-time high near Rs 1,70,000. Indian household gold holdings are estimated at over 25,000 tonnes by the World Gold Council, worth roughly Rs 40 lakh crore at current rates. Retail buying typically rises during the ongoing marriage season and picks up further around Dhanteras and Diwali in October. For traders, the key level to watch is Rs 1,55,000 on MCX: a sustained break below that could trigger further falls towards Rs 1,50,000, while a bounce from that support would signal the rally is intact.
Source: ndtvprofit.com
This brief was synthesised by AI from the source linked above.
