Gold rate 2023, gold price forecast: Missed the bus in gold? Many analysts remain positive on the yellow metal citing strong fundamentals and recommending buying in parts on declines. MCX gold futures expiring on April 5 weakened on Wednesday, hovering around Rs 58,850, after staging a Rs 516 rise to Rs 59,042 per 10 grams the previous day following a two-day fall.

Has gold already run up enough or is there still an opportunity to buy gold?

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Yet, domestic gold futures have risen about seven per cent so far in 2023, with the last leg of the upmove driven by nervousness about banking shares around the globe following the sudden collapse of Silicon Valley Bank (SVB). 

Earlier this month, the gold price scaled the Rs 60,000 peak for the first time ever, thanks to a boost in the appeal of the precious metal as a safety bet. Typically, a spike in equities boosts investors' appetite for risk and in turn dents the appeal of gold, and vice versa. 

Here's a lowdown on what top analysts suggest you do in gold now: 

Kunal Shah of Nirmal Bang told Zee Business that one should avoid going short in gold at the current juncture. Instead, he recommends a 'buy on declines' strategy on the precious metal at Rs 58,500-58,600 per 10 grams. 

Some profit taking has occurred in gold owing to easing of concerns about the health of the US banking systems but the fundamentals of the yellow metal remain bullish.

He expects gold to rise in "a week or so". "First buy (on declines), then sell," he told Zee Business. 

ALSO READ: Gold rate near Rs 59,000 again — check out spot gold rate in Delhi, Mumbai

Echoing similar views, Navneet Damani of Motilal Oswal Commodities pointed out that some retracement after a rally of Rs 450-500 on Tuesday makes gold attractive again. 

He suggests buying gold for a target of Rs 59,150 with a stop loss at Rs 58,600.

Better to wait for even lower gold price to enter?

Ajay Kedia of Kedia Advisory also recommends buying on dips but underlines $2,000 an ounce as near-term resistance. "On MCX, one can use a pullback to levels like as Rs 58,000-58,500 to aim for a target of Rs 60,500," Kedia told Zeebiz.com.

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