The sudden fall in the price of gold and coins of Mehr 1405 / should we buy gold now or not?

The price of gold has retreated after setting a record price in mid-October. Now, with the fluctuations of the global dollar and ounce, the question for buyers is whether it is the right time to buy gold, or is there a possibility that the prices will fall further?

Department of Economics; The gold market has experienced significant fluctuations in recent days and the prices have moved away from their price ceiling after setting new records in October. The decrease in the price of each gram of 18 carat gold compared to the peak recorded in the middle of Mehr, shows that the market has returned part of its previous growth; However, fluctuations in the dollar rate and the global ounce of gold can still change the course of transactions.

What is the price of gold today, Friday 24 Mehr 1405?

According to the latest rates recorded on Friday 24 Mehr 1405, the price of each gram of 18 carat gold has reached 26 million 104 thousand 700 tomans. Also, each gram of 24 carat gold is traded at the price of 34 million and 802 thousand Tomans, and the price of each shekel of gold is in the range of 113 million and 80 thousand Tomans.

Comparing these figures with the prices recorded on October 15, when the gold market had reached its highest level this month, indicates a decrease in the price of all types of gold.

Based on this, the price of each gram of 18 carat gold has decreased by 635 thousand 700 tomans since the peak of October. 24-karat gold also experienced a drop of more than 851 thousand tomans and the price of each shekel of gold is 1 million 525 thousand tomans lower than the rate of 15 Mehr.

These figures show that despite the price of 18 carat gold remaining in the channel of 26 million tomans, the market has moved away from the price ceiling recorded in the middle of Mehr. However, the decrease in prices in this period does not mean that the downward trend will continue, and the direction of the market in the coming days depends on the variables affecting the price of gold.

Gold price forecast; Will the decline continue or will the market rise again?

The gold price outlook in the coming days depends above all on the trend of the dollar rate in the domestic market and changes in the global gold ounce. In a situation where the price of gold has retreated from the peak of October, any change in these two variables can affect the course of next week's transactions.

In the foreign exchange market, the price of the dollar in the third week of Mehr was first in the range of 263 thousand tomans and then fell back to around 257 thousand tomans; But this reduction did not last and the dollar rate returned to the range of 265 thousand tomans at the end of the week. This price return can support the upward expectations in the gold market.

On the other hand, the global ounce of gold, which was in the range of $4,155 on Thursday, reached around $4,177 at the time of the report. Of course, in the last recorded rate for Friday, 24 Mehr, the global ounce is reported to be around $4166; Therefore, the direction of the ounce movement at the beginning of the new week will be very important.

The first scenario; The possibility of increasing the price of gold again

If the price of the dollar remains in the range of 265 thousand tomans or moves to higher levels and the global ounce also strengthens, the probability of the return of demand to the gold market will increase. In such a situation, 18 carat gold can once again move towards the range of 26 million and 500 thousand tomans.

In case of simultaneous strengthening of the dollar and the global ounce, the range of 27 million tomans can also be considered as one of the possible levels facing the market; However, the realization of this scenario depends on the continuation of supporting factors.

the second scenario; Gold prices continue to fall

On the other hand, if the price of the dollar enters the downward path again or the global ounce of gold decreases, there will be a possibility of continued selling pressure in the domestic market. In this situation, 18 carat gold may approach the range of 25 million tomans again.

However, just the price decrease from the peak of October is not enough to conclude about the beginning of a stable downward trend, and the behavior of the dollar, the global ounce and the level of demand in the next days' trading should also be examined.

Coin price prediction for next week

The coin market was also affected by the fluctuations of the dollar in the third week of Mehr. In the middle of the week, the price of Imami coin decreased to 257 million tomans, but then with the return of the dollar price, it compensated part of its fall and reached 266 million 600 thousand tomans at the last rate recorded on Friday, 24 Mehr.

If the dollar rate continues to increase and the global ounce strengthens, the Emami coin can once again target the range of 270 million tomans. On the other hand, a decrease in the exchange rate or a drop in the global ounce can prevent the growth of the coin price and provide the basis for its retreat again.

In general, the gold market has entered the correction phase after recording the peak price on October 15; But still we cannot talk about stabilizing the downward trend. The behavior of the dollar in the range of 265,000 tomans and the changes in the global ounce at the beginning of the new week will be two important factors in determining the next path of gold and coin prices.