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Gold prices on rollercoaster ride

In the overseas markets, both gold and silver were trading down at $1,952 per ounce and $23.99 per ounce, respectively.

Gold has been on a rollercoaster ride during the week with whipsaw price action and bouncing back from the 58600 level at MCX.

The investors continue assessing the path ahead for interest rates after the US FED’s hawkish tone. The global economy needs to recover which implies that demand as a hedge for inflation shall persist in days to come. Overall a moderate bounce is expected for the precious metal from current level.

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