Gold Price Today 06-04-2021: BIG opportunity for gold buyers! Yellow metal set for sharp rise, say experts
Gold Price Today 06-04-2021: Gold price yesterday dipped Rs 68 and closed at Rs 45,350 at MCX (Multi Commodity Exchange).
Gold Price Today 06-04-2021: Gold price yesterday dipped Rs 68 and closed at Rs 45,350 at MCX (Multi Commodity Exchange). According to commodity experts, gold price is facing huge resistance at around Rs 45,500 and once it breaks this level, there will be sharp rise in the precious yellow metal in next two months. They said that in this period the bullion rate may hit up to Rs 48,000 per 10 gm at MCX. In international market, the experts said that gold has strong support at $1,700 and in the next two month it may go up to $1,800 per ounce.
Speaking on the gold price outlook Anuj Gupta, Vice President — Commodities & Currrency trade at IIFL Securities said, "Technically gold price is showing positive momentum and heading towards upside. US president Biden is planning to increase corporate tax and spendings on infrastructure.
Inflatinary pressure also supportive for yellow metals. We are expecting that Gold may test $1750 levels in next week, which is a very strong resistance level. Trading above $1750 levels open the room for $1780 to $1800 levels."
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In the domestic market, Gupta said that demand for gold is expected to rise as the next two months will be marraige season in India. He said that gold price at MCX has strong buying range at Rs 45,200 for the immediate target of Rs 45,900.
Amit Sajeja, Vice President — Research at Motilal Oswal said, "Gold price will become highly bullish once it sustains above Rs 45,600 levels. My advice to the gold investors is to keep on accumulating on every dips in the gold price as once it sustains above Rs 45,600, it will soon escalate up to Rs 48,000 per 10 gm levels."
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