Gold Price: As yellow metal suffers pain, this is what expert tells investors
Gold Price Outlook: MCX October Gold Futures were trading in a negative territory today and were down 0.22 per cent from the previous close around 7 pm at around Rs 52,139 per 10 gram. The precious metal may see a further fall by Friday, Senior Technical Analyst Anuj Gupta said, reiterating his earlier stance
Gold Price Outlook: MCX October Gold Futures were trading in a negative territory today and were down 0.22 per cent from the previous close around 7 pm at around Rs 52,139 per 10 gram. The precious metal may see a further fall by Friday, Senior Technical Analyst Anuj Gupta said, reiterating his earlier stance. In what should come as a big relief for investors, he said that the fall is temporary and on account of profit booking.
Gupta further said that this correction is also primarily to bring parity in the prices between the physical gold and Gold futures, indicating that the investors need not worry. He was bullish on this precious metal in the medium term.
Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said Gold futures are expected to trade between Rs 49000 – Rs 52000 over the remaining part of trading sessions for this week. Importantly, this is an indication of a further downward correction in the near term.
In Mumbai, the spot price of standard gold (99.5) was 52,490 while it was Rs 52,701 for pure gold (99.9), PTI reported.
The international gold futures price is also likely to hover around USD 1970 by Friday, he said. The current price is around USD 148.8 at the time of filing of the story.
As for MCX September Silver Futures, the price was up by almost 3 per cent at 68780. Meanwhile, the spot price of silver in Mumbai was Rs 67,439 at close.
Gupta reiterated his earlier stand that there would be a temporary attraction towards the equities amid the news of the coronavirus vaccine developed by Russia. He was however, hopeful that the yellow metal will bounce back amid persisting tensions between the US and China.
A softer Dollar would also strengthen the position of Gold.
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Gold climbed 1 per cent on Thursday on a softer dollar, consolidating further above the key USD 1,900 level, Reuters reported.
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