Gold price falls as dollar goes up to 20-year high: Should you buy?

New Delhi: The gold price fell for the second week in a row, marking the greatest monthly drop in April since September 2021. On Friday, the gold rate for the June contract on the Multi Commodity Exchange (MCX) was 51,760 per 10 gm, while the market gold price was $1895 per ounce. The key reason for the drop in yellow metal price, according to commodity market analysts, is the rising dollar index. 

According to them, the dollar index has been over 100 for the whole week, causing the US dollar (USD) to reach 20-year highs. Apart from that, the US Fed’s impending meeting, as well as Fed officials declaring a 50 basis point interest rate hike at next week’s meeting, acted as a brake on any further gain in gold prices.

Gold analysts, on the other hand, believe that as the Russia-Ukraine war enters its third month, rising commodity prices, Akshay Tritiya, and the ongoing wedding season in the domestic market increase demand for gold, any decrease in gold should be considered as a positive buying opportunity by gold investors. Gold analysts predict that until the US Federal Reserve meets, spot gold prices will continue in the $1870 to 1960 range, while MCX gold prices will remain in the Rs 50,500 to Rs 53,500 per 10 gram region.

On the global stage, the Russia-Ukraine conflict, now in its third month, continues to dominate headlines. The Russia-Ukraine conflict has exacerbated global supply chain bottlenecks, adding to the already high inflation rate. Furthermore, as a ban on Russian crude imports by the European Union appears to be impending, crude oil prices have recovered this week, closing with their sixth straight monthly rise. The circumstance would boost gold, which is regarded as a good hedge against rising inflation.

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