Gold price today at a life-time high! Want to buy now to make money? May even hit Rs 45,000-mark; Check hot tip
Gold price today has surged. In Indian markets, gold price in spot market hit Rs 42,000 per 10 gms while in forward markets, it went past crucial Rs 41,000 levels.
Gold price today has surged. The gold price has been on the rise for a month. In fact, gold price has shot up 7.47 per cent ($109.20 per ounce) in the international commodity market. Gold price today touched its life-time high of $1,605 per ounce. In Indian markets, gold price in spot market hit Rs 42,000 per 10 gms while in forward markets, it went past crucial Rs 41,000 levels. According to the bullion experts, the gold price rise is caused by the recent US-Iran crisis and this rally is expected to continue. In fact, it will continue its rising graph till January end. In the short-term period, gold price is expected to hit Rs 43,000 per 10 gms while in the next six months, it may hit Rs 45,000 per 10 gms.
Speaking on the gold price rally, Anuj Gupta, Deputy Vice President — Commodities and Currencies at Angel Broking said, "The gold prices have gone up by $21.28 per ounce today in the international markets touching its life-time high of $1,605 per ounce. This gold price rally is expected to continue till January end as the US-Iran crisis may get prolonged till January end." Gupta said that in short-term gold price may hit $1,630 per ounce while in the long-term or in the next six months, the gold price may touch $1,700 per ounce"
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Asked about gold price prediction in the Indian perspective, Anuj Gupta of Angel Broking said, "Gold price in forward markets may hit Rs 43,000 per 10 gms in short-term while in next six months, we may witness gold price escalating up to Rs 45,000 per 10 gms."
Asked about the major triggers that will lift gold price up to Rs 45,000 per 10 gms in Indian market while $1,700 per ounce in international markets Gupta listed out the following triggers for the gold investors to keep in mind:
1] Middle East crisis, especially US-Iran standoff;
2] Rise in crude oil price;
3] Depreciation in global currencies;
4] US-China trade tension; and
5] Lowering ETF and bond yield.
Warning the gold investors to remain cautious while taking any position in this gold price rally, Prithviraj Kothari, President, India Bullion and Jewellers Association (IBJA) said, "This rise in gold price is because of the US-Iran standoff and once this tension eases, there are chances of gold price nosediving in the same manner in which it has scaled its all-time high."
However, Kothari also said that gold price will continue to rise till January end and any breakthrough in the second round of US-China trade talks may put a break on the gold price rise.
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