Gold Price Today 31-03-2021: Yellow metal rate rises near 1 pct; experts eye Rs 48000 mark, unveil money making strategy
Gold Price Today 31-03-2021: After undergoing huge selloff pressure on 29th March after the Suez Canal Blockage, gold price logged a rise of Rs 425 at the MCX (Multi Commodity Exchange).
Gold Price Today 31-03-2021: After undergoing huge selloff pressure on 29th March after the Suez Canal Blockage, gold price logged a rise of Rs 425 at the MCX (Multi Commodity Exchange). Gold price at MCX hit Rs 43,970 per 10 gm mark thereafter. According to experts, the reason for gold price crash was due to the Suez Canal blockage, rise in US bond yields and fast approaching Gold future expiry on 5th April 2021. They said that in the international market gold price has strong support at $1,700 per ounce and overall sentiment of the precious yellow metal is bullish. They said that by the time gold June expiry on the MCX arrives, it would be around Rs 48,000. In the international market, gold price is expected to hit $1,780 per ounce to $1,800 per ounce in the same time period.
Speaking on the gold price prediction; Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities said, "This crash in gold price was due to the fast approaching MCX April contract expiry and to some extent rise in the US bond yields. Apart from this, the recent Suez Canal blockage did further damage to gold price."
Gupta said that people are rolling over their positions from April gold contract to June gold contract. Overall, gold price has strong support at $1,700 per ounce levels and the level is expected to remain a strong support in the international market. The Suez Canal crisis is over and hence gold price will quickly regain its lost ground. In fact, the recent rise in gold price could be a trend reversal as the June contract is pegged at around Rs 44,500.
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Speaking on the gold price June contract outlook in domestic markets, Anuj Gupta said, "Gold price at MCX has strong support at Rs 44,200 (June contract) and the support is expected to remain a strong support throughout this period. Overall, the gold price outlook is bullish and in the next two months we can witness Rs 48,000 per 10 gm at MCX and in the international market, gold price is expected to hit $1,780 to $1,800 per ounce levels."
Sharing various levels that a gold buyer 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 price once sustains above Rs 45,500 to Rs 45,600 per 10 gm levels, it will soon hit Rs 48,000 per 10 gm levels."
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