Will gold prices scale past Rs 90,000 this month?

Gold prices are seeing no drawdown thanks to the host of global and domestic developments that are rendering gold highly appealing as a safe-haven asset. After hitting a record high in the international markets last week, scaling past the historic $3,000 per ounce level in the spot market, gold prices on the MCX hit an all-time high of Rs 88,310 per 10 gm.

However, after record gains, gold and silver prices are seeing some profit booking in Monday's trade (March 17, 2025).

At the last count, at around 1:12 pm, MCX gold April futures were down 0.18 per cent or Rs 156 at Rs 87,835 per 10 gm, while Silver March futures are down 0.09 per cent or Rs 95 at Rs 1,00,643 per kg.

How have gold prices scaled so far and in the last one year?

Gold prices as per Zee Business has scaled a hefty over 14 per cent in just 2.5 months this year, and in the last one year its gain are at an exorbitant 31 per cent.

Gold's glittering shine after Covid record high

Gold earlier during Covid times went past $2,000 per ounce level for the first time, but could not sustain as quickly equities gained momentum. And then again last year, gold prices hit $,2000 per ounce level and in over a year's time - a new peak has been scaled.

Targets seen for gold

Surendra Mehta, National Secretary,  India Bullion and Jewellers Association told Zee Business that he has set his first target for gold at $3,050 and if it crosses these levels then the next target is $3,150 per ounce.

Further, to his surprise, while he anticipated gold to touch levels of $3,040 per ounce today, there is seen some profit booking. Also he said, this loss points to a potential of huge upside that will not level investors to exit in the market.

On the correction, he added that while gold may correct by $60 or so, this shall not be termed as a corrective move.

Can gold prices correct significantly?

To this the expert noted that a significant correction in gold of up to $900 per ounce can be expected only after gold scales $3,150 levels.

What should traders do?

Dinesh Somani, Founder- ProIntellitrade Services said, traders should consider their risk-reward as well as stop loss. Also, while on an average since 2020, gold gave 14 per cent return annually, this time this return scale has been realised in just 2.5 months.

Further, he advises traders to buy gold for a target of Rs 88,000, keeping the stop loss at Rs 87,370.

Should investors exit their positions in gold?

Prathamesh Mallya, Angel One told investors sitting on good profit in gold to exit their positions as it will be difficult to time whether correction would come or $3,150 per ounce will be scaled.