Gold rush: Weak dollar, uncertainty in global markets may fuel future gold rate
Negative US job date can be an immediate trigger into the global gold future prices as it has already witnessed near 5-6 per cent correction post-February 28 high.
On account of weak dollar and uncertainty into the global markets, the gold prices are expected to soar and touch the levels of $1305 per ounce in global commodity markets. Commodity experts are of the opinion that US job data is expected to come today and if it's against the dollar, then we can see some further move as it may breach the immediate resistance of $1305-1310 per ounce levels.
Speaking on the gold outlook Anuj Gupta, Deputy Vice President — Commodity and Forex at Angel Broking told Zee Business online, "Currently, the WTI gold prices are at around $1290 per ounce and it has been witnessing profit booking after making a high on February 28th. So, we are expecting the gold prices to touch or test its resistance at around $1305 per ounce to $1310 per ounce levels."
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In terms of MCX, Anuj Gupta of Angel Broking further added that near $20 dollar appreciation into the gold prices would lead to near about Rs 500 per 10-gram appreciation at the MCX gold future prices. So, on the basis of that one can expect the MCX gold future prices to touch around Rs 32,500 per 10 grams in a week time.
Standing in sync with Anuj Gupta of Angel Broking; Amit Sajeja, Associate Vice President — Commodities and Currencies at Motilal Oswal said, "The US job data is coming today. If it comes against the dollar then it could become the immediate trigger for the gold prices in global merchandise as the gold prices are already a way to low after witnessing around 5-6 per cent of profit booking post-February 28th." He said that negative US job data may help gold prices to breach its resistance, which is at around $1305 per ounce levels as the dollar would further nosedive in coming days.
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