Gold price alert! Should you invest in yellow metal? What experts recommend
Gold price today rose more than Rs 125 per 10 gm at Multi Commodity Exchange (MCX).
Gold price today rose more than Rs 125 per 10 gm at Multi Commodity Exchange (MCX). According to bullion and commodity experts, this rise in MCX gold price today can be attributed to various reasons that includes, dip in rupee against the US dollar, no any positives coming out of the US-China trade deal and dovish economic data from the major economies. They recommended 'buy' call to the gold investors giving MCX gold rate taet of Rs 46,300 to Rs 46,400 levels as immediate targets.
Anuj Gupta, Deputy Vice President — Commodities and Currencies Research at Angel Broking said, “Today gold prices are trading on a positive note. Gold is trading higher by Rs 129 points to 45,910 levels. Dovish data from major economies and chances of no positive outcome on trade deal between US and China, supports the Gold Prices. Depreciation in rupee also supports the gold. In international market it is trading around $1701 per ounce. We expect that Gold may test resistance at $1,710 per ounce to $1,715 per ounce levels. For intraday traders we recommend to buy Gold around Rs 45,700 to Rs 45,800 per 10 gm levels with the stop loss of Rs 45,550 levels, and for the target of Rs 46,300 to Rs 46,400 levels. Silver is also trading on a positive note in the tandem of Gold prices." Gupta said that silver may also trade on a positive note in intraday trading session, and it may test Rs 44,000 to 44,500 levels.”
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Speaking on the rupee slie fuelling gold price furthe Anuj Gupta said, "Today Ruppee appreciated by 0.25 per cent to 75.55 levels. Weakness in dollar due to dovish data comes from USA and indication of negative interest rate supports the Indian Ruppee. However no sign of positive out come from US China trade deal may negative for market. We expect Indian Rupee may further appreciate towards 75.00 to 74.80 levels."
Amit Sajeja, Research Analyst at Motilal Oswal said, "Due to the weakness in the US economy and other major economies, the short-term trend of the gold has become positive and it may move towards its upper range of $1,750 per ounce levels in the international markets. Gold has resistance at Rs 46,000 per 10 gm levels. Once, it regains this level, we may witness MCX gold price to hit Rs 47,000 per 10 gm levels in next one month."
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