Gold Price Outlook: Confused about where rates are going and what to do? Then know this
Gold price outlook is weak in the near term and likely to soften further, Senior Technical Analyst Anuj Gupta said. The predictio is that this situation could last till the end of September, he said. He expects the October Gold Futures to fall further up to Rs 48000 per 10 gram, before a fresh buying opportunity arises
Gold price outlook is weak in the near term and likely to soften further, Senior Technical Analyst Anuj Gupta said. The predictio is that this situation could last till the end of September, he said. He expects the October Gold Futures to fall further up to Rs 48000 per 10 gram, before a fresh buying opportunity arises.
The MCX October Gold Futures were trading around Rs 51,339 around 7:15 pm, almost flat from the previous close on Tuesday.
The strengthening rupee, may bring the prices further downwards. The outlook for international gold also remained week and may test levels around USD 1850-1880. The September Futures were trading around USD 1925.
In the medium term, the outlook remains positive he said. The impending US elections could make both gold and silver dearer, he said.
Investors now also await the outcome of the European Central Bank`s policy meeting, due on Thursday. While no major policy moves are expected since it has acted aggressively to shore up the virus-hit economy, investors will watch out for its inflation forecasts, Reuters reported today.
Among the domestic indicators, the worsening situation on the coronavirus front could bring back the yellow metal in contention, he added. Tensions on the India-China front will be another area to watch out for. Any further escalation could trigger the demand, he opined.
As per the data of Bombay Bullion Committee, the spot price of standard Gold (99.5) was Rs 50,847 while that of Pure Gold (99.9) was Rs 51,051, PTI reported.
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Silver also is headed for a downward movement, Gupta said and could fall up to Rs 63,000. The MCX December Futures were trading at Rs 68,280 around this time, down by 0.31 per cent from the last close. The silver spot price for today was Rs 64,547 per kg.
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