Gold price to come down heavily in coming days

Gold prices, which are coming down like never before,  are expected to come down further to a low of Rs 23,000 per 10 grams on continuing worries over interest rate hikes by the Federal Reserve and a stronger US dollar

According to experts from bullion market, the gold remains bearish and the prices are likely to decline to Rs 23,000-23,500 per 10 grams in a week to month time. This is mainly because the market is nervous of the outcome before July 29, when the US Federal Reserve will take a decision on rate hike. Whatever the decision, it will be negative for gold, the experts say.

The MCX gold was at Rs 24,752 per 10 grams on Saturday, and $1,097.50 an ounce in the international market.

The experts are also saying that the hike in rates by the US central bank looking imminent. Igoldn international markets, the prices are likely to weaken to $1,020 an ounce in a week or month. 

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