Gold Price Today: Big rally coming, rates to hit Rs 47,500 mark, claim experts; should you buy?
Experts are of the opinion that global gold price is expected to jump by another $100 per ounce, leading to a rise in gold price on MCX to Rs 47,500 per 10 gms in next one month's time.
Gold Price Today: The Multi Commodity Exchange (MCX) gold price today slid Rs 331 per 10 gram. However, commodity experts are of the opinion that it is mere profit booking after a sharp rally of over Rs 1,500 per 10 grams in the previous trading session. They said that global gold price in the commodity market is around $1,648 per ounce and it has strong support at $1,620 because it had made a low of $1,618 in the last few sessions. They were of the opinion that global gold price is expected to jump by another $100 per ounce, leading to a rise in gold price on MCX to Rs 47,500 per 10 gms in next one month's time.
Speaking on the global gold price outlook Amit Sajeja, Research Analyst at Motilal Oswal said, "Gold price slide of Rs 331 per 10 gms at the MCX should not be a big worry for gold investors after its Rs 1,500 per 10 gm rally in the previous trade session. The reason for rise in gold price i.e. Coronavirus fear is still there and people are looking at the safe haven for their money and in such precarious situation gold is one of the safest investments." Sajeja said that in next one month, we can expect the MCX gold price to hit Rs 47,000 to Rs 47,500 per 10 gms as Coronavirus fear is definitely going to exist for next one to two months.
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Giving an idea about the global gold price, Anuj Gupta, Deputy Vice President — Currency and Commodities Trade at Angel Broking said, "In international market, gold has strong support at $1,620 per ounce levels and has resistance at $1,680 per ounce. Once, gold price breaks this resistance, we can expect it to hit $1,780 in next one month that will fuel MCX gold price by around Rs 3,000 per 10 gms." Gupta also maintained that due to the falling equity market investors are looking at the safe havens for their money as it was witnessed in 2008-09.
He said that today's correction is due to the sharp rise in the gold price in previous session. He added that the sentiment for gold price is still bullish and every dip should be seen as buying opportunity for gold investors.
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