Gold price today: ALERT! Yellow metal soars to record high; experts say BUY, see it jumping to whopping Rs 42,500-mark
Gold price today: After the jump today, yellow metal may hit Rs 42,500 mark in the domestic markets before the next round of US-China trade talks begin, say experts.
Gold price today: Yellow metal in the domestic Multi Commodity Exchange (MCX) has soared by around Rs 1,800 over the last two days, a jump that has not been seen previously. According to the bullion experts, the yellow metal has hit Rs 41,000 mark (10 gms) in futures trade and may soon hit Rs 42,000 mark and more as the US-Iran tension is expected to further continue, especially after fresh threats held out by US President Donald Trump and Iran government vowing retaliation in the wake of the killing of its general in Iraq by an American drone. However, this is not the only reason. Experts say that the rise in gold price was expected as the breakthrough in the second round of the US-China trade talks was unlikely and US-Iran standoff has worked as a catalyst in this yellow metal price rise.
Speaking on the gold price outlook, Amit Sajeja, Research Analyst at Motilal Oswal Commodities said, "The gold price rise was expected as any further breakthrough in the second round of US-China trade talks. So, the market was expecting the gold price to go up to $1610 to $1630 per ounce while in the domestic markets at MCX, it was expected to hit Rs 41,000 per 10 gms. However, after the US-Iran standoff, gold price in global commodity markets may soar up to $1,700 per ounce and in the domestic MCX, it may hit Rs 42,000 per 10 gms in immediately."
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However, Sugandha Sachdeva, Vice President at Religare Commodities Limited said, "Gold price has breached the psychological resistance of $1535 per ounce in the international markets while Rs 41,000 per 10 gms in the domestic markets. Interestingly, the gold price is sustaining above these levels in both international and domestic markets and hence we are expecting a further rally in the gold price and Rs 42,500 is my next target before the next round of the US-China trade talks begin."
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