Gold market prices correcting 1% in the globe
The correction is better as India enters the wedding season Recently Colin Shah, MD, Kama Jewelry casted his observation, ‘Gold Prices Correcting By 1% in Global & Domestic Markets and Outlook!’ ”This correction in the gold rate is largely influenced by the rally in the US Dollar Index, taking the prices downwards. Along with this, the chances of Fed going for another rate cut has dimmed, which has given further support to the US Dollar Index, thereby negatively affecting gold prices Domestically, the correction is here for the better as India enters the wedding season, one of the two biggest gold-buying seasons in the country. Given the sentimental value attached to the yellow metal, price factor plays a minimal role in influencing the buyer's decision, keeping the overall demand robust. Going ahead, gold prices are likely to stay volatile for the short term and will be majorly guided by the movement in USD and Fed's take on further rate cuts in t...