Does the recent deterioration in US-Sino relationship will lead to long run upswing in bullion market?
The recent deterioration in the relationship between USA and China has impacted the dollar index very badly. On July 22, 2020, the dollar index was at low of 94.61 which created a huge sentiment for the gold. Gold on July 22, reached a record high of Rs 50,181 per 10 gram for 24-carat in the bullion market of Mumbai.
There are also another reason of this optimistic sentiment i.e. stimulus package from central bank to revive the economy. The further decisions by the Trump government created a negative sentiment for dollar in the market; hence, there lies a huge and long run opportunity in investing in precious metals like gold.
Experts are expecting for further increase in the price of gold up to Rs 65,000 per 10 gram in upcoming one and half years. Thus it is suggested to the investors to hold the gold for medium or long term to achieve the target of Rs 65,000 per 10 gram. This positive market sentiment can also be seen in gold future market and the price of silver where price of silver has increased by about Rs 4,400 per kilogram.
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