Gold price continues to dip as dollar sustains at record high

Gold price continues to dip as dollar sustains at record high

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Gold prices dip for third successive week but managed to pare some early week losses

after the US Fed indicating a slightly less aggressive tightening of the monetary policy.

On Multi Commodity Exchange (MCX), gold future rate for June contract ended at ₹51,344 per 10 gm on Friday

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According to commodity market experts, gold prices are under pressure as Dollar Index has sustained at its 20-year high levels.

They said that demand for dollar may continue to remain on the positive side

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but global inflation hitting major global economies may continue to support gold price.

They said that spot gold price has taken support at $1850 levels while MCX gold price has immediate support placed at ₹50,500 levels.

Speaking on gold price outlook, Sugandha Sachdeva said, "Gold price has witnessed a rebound

after finding a cushion near ₹50,500 per 10 gm ($1850/ounce) mark, whereas ₹50,000 per 10 gm ($1830/ounce)

mark will now act as near term key support for the week ahead.

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