CHENNAI: While the outlook for gold is positive, prices may fall on Akshaya Tritiya on April 22, an analyst at LKP Securities said.
Over the past week ahead of Akshay Tritiya, gold prices on the MCX had declined from an odd level of Rs 61,350 to around Rs 60,000 per 10 grams. Thus, investors who bought the yellow metal on the auspicious occasion of Akshaya Tritiya are expecting the prices to drop slightly for a bargain, said Jatin Trivedi, vice president (research) at LKP Securities.
According to Trivedi, the outlook for gold broadly remains positive as the interest rate cycle is likely to pause if not reverse in the next three months.
Central banks have been buying gold and recent purchases of the metal have increased, predicting increased demand, so savings have been made for participants, he added.
“We are seeing gold deposits and short-ticket purchases through digital gold buying platforms, reinforcing the urgent need for a regulatory framework for these,” said Somasundaram PR, Regional CEO, India, World Gold Council.
Although a major gold-buying festival, Akshaya Tritiya this year has faced an all-time high price of gold and lukewarm response from consumers since the last few weeks, Somasundaram added.
“Recent tax changes have put gold funds at a tax disadvantage that could give an unintended advantage to buy digital gold. However, given the strong cultural connection, any short-term softening in prices could be an Akshaya Tritiya surprise for jewelery demand,” Somasundaram said.
Where we collect the information from Source link
Disclaimer:- We include in each post a link to where each content on our website is collected from.If there is a complaint against any post please contact us directly.
Email: post-support.dailyfastnews24.com
You can also write on the popular online news portal dailyfastnews24.com. Writing topics feature, travel, lifestyle, career, IT, agriculture and nature. Send your entry today to [email protected]
advertisement:-If you would like to advertise on our website please contact us here.Our Ads team will contact you very soon.
Email: [email protected]
The cost of advertising:- 1 Post 100 USD Lifetime.
Thank you very much for visiting our website. Have a good day.