Gold Price Today 24-03-2021: Golden opportunity for yellow metal investors as bullions' rate slide continues
Gold Price Today 24-03-2021: Continuing the southward trend for second straight trade session, gold price today crashed Rs 191 and hit Rs 44,714 per 10 gm at MCX (Multi Commodity Exchange).
Gold Price Today 24-03-2021: Continuing the southward trend for second straight trade session, gold price today crashed Rs 191 and hit Rs 44,714 per 10 gm at MCX (Multi Commodity Exchange). According to experts, this slide in the yellow metal price is due to the Indian National Rupee (INR) against the US Dollar (USD). Apart from this, crash in crude oil prices in the global commodity market also pulled down gold rates. They said that gold price in international market is tarding in the range of $1,650 per ounce to $1,730 per ounce. Overall the bullion sentiment is positive and in next two months, we can expect gold price to hit $1,780 to $1,800 per ounce in global markts while at MCX we can expect the gold rates hitting up to Rs 48,000 per 10 gm levels.
Speaking on the gold price prediction for the next two months Anuj Gupta, Vice President at IIFL Securities said, "Ease in gold price is due to the ease in crude oil price and rising INR vs USD. Rupee gainsed against dollar by almost 2 per cent in the last one month that is getting reflected in the gold price range-bound trade. It has been trying to break the Rs 45,500 resistance but due to the INR gaining strangth against the USD, the yellow metal price comes down after every rise. However, the overall sentiment of gold price is positive and in the next two months, we can expect the gold price to touch $1,800 per ounce levels in the inv=ternational markets while at MCX it may go up to Rs 48,000 per 10 gm."
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Amar Ambani, Senior President and Head of Research – Institutional Equities, YES SECURITIES said, "Bitcoin to an extent has cannibalized demand for Gold, given its inherent value prop of high liquidity, secure custody and limited issuance. If speculative interest in Gold is also anything to go by, an equivalent of 200 tons of net long positions, representing 15 per cent of open interest, have been cut. Gold holdings in SPDR Trust have also fallen to lowest level since May 2020." He said that gold price may depricite more if the INR vs USD continues to trade in favour of the Indian currency.
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