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Gold Prices Drop Ahead of Dhanteras: Should You Buy Now?
Sentiment: NeutralHigh Priority
What Happened?
As India enters the festive season, gold prices have decreased, providing a potential buying opportunity. On October 21, MCX Gold was trading at Rs 1,45,898 per 10 grams.
Key points
- Gold prices fell for the fourth consecutive session due to rising crude oil prices.
- MCX Gold was trading at Rs 1,45,898 per 10 grams, down 0.42%.
- Experts suggest watching the Rs 1,45,300-1,46,000 support zone closely.
- The US Federal Reserve's upcoming policy meeting may influence future gold prices.
- Technical indicators show signs of weakness, suggesting potential further declines.
Key insights
- If gold prices fall below Rs 1,45,300, further declines may occur.
- A recovery above Rs 1,48,000 could indicate renewed buying interest.
- Investors should consider their long-term strategies rather than short-term price movements.
Why it matters
The decline in gold prices may provide buyers with a timely opportunity for festive purchases.
Source
India Today
