Gold price rises by Rs 790 at MCX; love to buy yellow metal? Check what experts have just said
On account of weakness in US dollar, dovish US economic data and expectation of negative interest rates, gold price today rose around Rs 790 per 10 gm at the Multi Commodity Exchange (MCX).
For all those whose who just love to invest in gold, here is some good news - gold price is expected to rise. But first, know about gold price today. On account of weakness in US dollar, dovish US economic data and expectation of negative interest rates, gold price today rose around Rs 790 per 10 gm at the Multi Commodity Exchange (MCX). Gold price MCX (5 June expiry) was trading at s 46,161 per 10 gm which is around Rs 790 up from its previous close.
Asked about gold price outlook, commodity experts said that overall gold price outlook is "bullish". It is trading in the range of Rs 44,500 per 10 gm to Rs 47,000 per 10 gm and due to the weakness in the US economy, gold may further surge up to Rs 47,000 per 10 gm levels.
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Speaking on the gold price outlook, Anuj Gupta, Deputy Vice President — Commodities & Currencies Research at Angel Broking said, "Yesterday gold prices increased almost 1.74 per cent and closed above 46,100 levels . In international market, gold is also trading on a positive note. This is due to weakness in dollar due to dovish US economic data and expectation of negative interest rates in the next year in US. Today, Gold may trade on a positive side. Traders can buy gold at 45,900 levels with the stop loss of 45,650, for the target of 46,500 levels. In international market, Gold may test resistance $1,730 levels.”
Amit Sajeja, Research Analyst at Motilal Oswal said, "In next fortnight, gold price is expected to remain range-bound and it may trade around Rs 44,500 per 10 gm to Rs 47,000 per 10 gm. But, after the weakness in the US economy, the short-term tend of the gold has become positive and it may move towards it upper range. since, the gold price has sustained above Rs 46,000 levels, I am expecting it to go up to Rs 47,000 per 10 gm."
He said that those who hold gold MCX should book profit at around Rs 47,000 levels.
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