Gold Price Today 09-04-2021: Big opportunity for gold buyers! Experts predict huge rally in yellow metal rate
Gold Price Today 09-04-2021: Gold price yesterday surged Rs 469 (1.01 per cent) and closed at Rs 46,831 per 10 gm at Multi Commodity Exchange (MCX).
Gold Price Today 09-04-2021: Gold price yesterday surged Rs 469 (1.01 per cent) and closed at Rs 46,831 per 10 gm at Multi Commodity Exchange (MCX). In the international market, precious yellow metal is trading above $1,754.88 per ounce mark, which is around 1.02 per cent higher from its Wednesday close. According to commodity experts, gold price in the international market has broken the $1,750 resistance and if it sustains above this level today, then we can expect the yellow metal to soon hit $1,780 to $1,800 per ounce mark in next one to two month. They have also upgraded their long-term gold price target. They said that by Diwali 2021, gold price in MCX can go up to Rs 52,000 while in the international market gold price may go up to $1,900 per ounce.
Speaking on the gold price outlook Anuj Gupta, Vice President — Commodities & Currencies at IIFL Securities said, "Depreciation in Indian National Rupee (INR) against the US Dollar (USD) is one of the major reasons for rise in gold price in India. But, we have witnessed a sharp appreciation in gold price in the physical market, which is due to the rise in demand led by the upcoming marriage season in India. So, these two are the major triggers for the gold price rally at MCX."
Gupta said that the gold price has broken the $1,750 per ounce hurdle in the international market and now if it manages to sustain above this level, then it will soon showcase $1,780 to $1,800 per ounce levels in next one to two months. At MCX, he expected Rs 48,000 per 10 gm gold price in the same one to two month time period.
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Unveiling various levels that a gold investor must keep in mind Amit Sajeja, Vice President — Research at Motilal Oswal said, "One can keep on accumulating gold on every big dip as gold prices sentiment is overall bullish." Sajeja said that he had been maintaining that the gold price once sustains above Rs 45,600 will showcase sharp rise and hit Rs 48,000 per 10 gm. He advised gold investors to remain invested even when there is a big dip as the gold price above $1,750 is highly bullish.
Standing in sync with Amit Sajeja; Anuj Gupta of IIFL Securities said, "Gold price by Diwali is expected to hit Rs 52,000 per 10 gm at MCX while in the international market, we are expecting it to go up to $1,900 per ounce levels."
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