Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more
Gold Price Outlook: After scaling to its life-time high of Rs 56,191 per 10 gm at MCX in August 2020, gold price has been crashing heavily leading to around Rs 11,500 per 10 gm correction in the last six month.
Gold Price Outlook: After scaling to its life-time high of Rs 56,191 per 10 gm at MCX in August 2020, gold price has been crashing heavily leading to around Rs 11,500 per 10 gm correction in the last six month. Gold price today at MCX is Rs 44,640, that too after it regained its lost ground from below Rs 44,000 per 10 gm levels 2-3 days ago. According to gold, silver price experts, the gold price crash is expected to continue as there is sign of recovery in the equity market yield and US treasury yield. So, people are expected to fish out their money from the gold investments and invest in the equity market — just reverse of what was happening during the days of uncertainty of COVID-19 spread.
Speaking on the gold price outlook; Vandana Bharti, AVP — Commodity Research at SMC Comtrade told Zee Business, "From traders' perspective, gold price is expected to remain bearish for the next two to three months. My suggestion for traders is to adopt a sell on rise strategy and every rise in gold price should be seen as a selling opportunity till the US treasury yield continues to remain in the northward direction."
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Vandana Bharti of SMC Comtrade went on to add that in next two to three months gold price may come down below Rs 44,000 per 10 gm as success of COVID-19 vaccine is further supporting the higher equity yield leading to bigger fallout from the gold market that we have been witnessing since January 2021.
Anuj Gupta, AVP — commodities & currency Trade at Angel Broking said, "Gold price has crashed more than Rs 11,500 per 10 gm at MCX after scaling to its life-time high of Rs 56,191 in August 2020. Triggers that helped yellow metal to scale up to that levels are no more existing as the equity market is at its record high, US treasury yield is also on the northward direction while crude oil prices are also rising. So, selling pressure in gold is expected to continue."
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