Gold price climbs all-time peak; experts predict Rs 51K per 10 gm in next three months
Gold Price Today: On account of increase in US jobless claims and expectation of negative interest rates by Federal Reserve, the Multi Commodity Exchange or MCX gold price today hit its all-time high and created a new peak of Rs 47,424 per 10 gm.
Gold Price Today: On account of increase in US jobless claims and expectation of negative interest rates by Federal Reserve, the Multi Commodity Exchange or MCX gold price today hit its all-time high and created a new peak of Rs 47,424 per 10 gm. According to commodities and bullion experts, gold price may further continue to ascend as triggers for gold rally still exists. They said that in next one week gold price may go up to Rs 47,800 to Rs 48,000 per 10 gm at MCX while in next three months, we can witness gold price at Rs 51,000 per 10 gm.
Speaking on the immediate target of MCX gold price; Anuj Gupta, Deputy Vice President — Commodities & Currencies Research at Angel Broking said, “Today Gold has hit its all-time high of Rs 47,342 per 10 gm levels. Yesterday gold prices increased by 1.46 per cent due to increase in Jobless claim in US and Expectation of Negative interest rates by Federal Reserve Chairman Jerome Powell. These triggers supports the Gold prices as safe heaven demand and investment in Gold as other asset class. As expected by us earlier that Gold may trade positive." On what next or gold price at MCX, Gupta said that gold rally is expected to continue and it may showcase Rs 47,800 to Rs 48,000 per 10 gm at MCX in next week as today is the weekend trading session.
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However, Motilal Oswal expert Amit Sajeja had some caution for the gold investors, Sajeja said that Gold price had crashed from $1,748 per ounce levels in the previous rally and it may happen that gold price once again fail to sustain above this levels. "If gold price fails to sustain above $1,748 per ounce levels, then it may come at $1,680 per ounce levels. Here, one can again buy gold for $1,748 per ounce levels," Amit Sajeja, Research Analyst at Motilal Oswal. Sajeja said that if the gold price sustains above $1,748 levels on Monday, then we can expect it to hit $1,790 to $1,800 per ounce in next three months. In MCX terms, Sajeja said, gold price MCX can hit Rs 50,000 to Rs 51,000 per 10 gm in next three months.
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