Gold prices may correct marginally, says gold trader

Hyderabad: After the remarkable uptrend in gold price, the yellow metal is likely to see a small correction shortly, says a Hyderabad-based gold trader.

Talking to Deccan Chronicle, the Twin Cities Jewelers’ Association Secretary Praveen Kumar said, “Gold price registered a phenomenal rise in a short period of time. One of the main reasons for this hike is the US Fed announcement to reduce interest rates. As gold price normally mirrors the trend in the dollar index rat, the precious metal may see a correction.”

He asked people to defer their buying decision, if possible, for a short while as he said the gold price is likely to decline to around Rs 67,000 per 10 grams.

The gold price is up by 37 per cent from its last low point in 2022. With the start of the new financial year, the gold price crossed a new milestone and sold over Rs 70,000 per 10 grams. The gold rate on April 4, made a jump of Rs 570 compared to April 3 and was selling at a record high of Rs 72,070 for 10 grams of pure gold,