Gold prices fall sharply. Should you start buying now?

Gold last traded at $1,782 an ounce. Silver at $25.98 an ounce.

NEWS SUMMARY: Precious metal prices rebounded Monday on bargain-hunting and a weaker dollar. U.S. stocks traded higher as the market attempted to rebound from the Dow Jones Industrial Average's worst week since October.

LiveMint-"According to the commodity experts, weakness in the yellow metal price is due to the US Fed's announcement to hike interest rates twice in 2023 and the US Dollar gaining strength against major global currencies. However, they maintained that the precious metal price crash is temporary and gold investors should see this dip as a buying opportunity. The bullion experts went on to add that gold price will soon rebound....

Speaking on the reason for gold price crash Anuj Gupta, Vice President - Commodity & Currency Trade at IIFL Securities said, 'This gold price crash can be attributed to two major reasons - US Fed announcement to hike interest rates twice in 2023 and the USD gaining strength against the major global currencies....

Asked about gold price outlook Amit Sajeja, Vice President - Research at Motilal Oswal said, 'Decline in yellow metal due to the US Fed announcement to hike interest rate is temporary. I am expecting trend reversal in next three to four trade sessions. USD was trading sideways for the last few weeks and this Fed announcement worked as a trigger for the US bond yield and USD rise. This sentimental rise in bond yield and USD is expected to calm down in next three to four days....

Amit said that sharp decline in the gold price should be seen as an investment opportunity by gold investors citing, 'Currently...in the international market the yellow metal has support at $1750 per ounce. One should wait for the next three to four days as gold price is expected to make its bottom again."