Gold price today climbs seven-year high; Experts advise to keep eye on these triggers

Gold price today climbed seven-year high when the precious yellow metal price hit a high of $1,754.50 per ounce in the NYMEX. Since, the MCX is closed in India for Good Friday celebrations, this rise in gold price hasn't affected the gold price in India. But, when the MCX and other domestic commodity market will open in India, commodity experts have suggested they gold investors to keep an eye on the further triggers like — performance of Coronavirus in the US and India in the coming two days i.e. Saturday and Sunday and outcome of the G-20 meeting taking place on the weekend. Experts went on to add that these triggers hold importance for next week gold price prediction but till then they still remained bullish that the gold price will hit $1,780 per ounce in the global commodity markets.

Speaking on the gold price triggers that need to be taken care of in next week Anuj Gupta, Deputy Vice President — Commodities and Currency trade at Angel Broking said, "The gold price in the US has hit its seven year high of $1,754.50 per ounce and I still believe that $1,780 per ounce is well within the reach of ths gold price rally. However, for next triggers of the gold price, we need to look at the outcome of G-20 meeting scheduled in the weekend and how does Coronavirus performs in the US and India will also a matter that we need to take care of." Gupta said that this rise in gold price is mainly caused by the COVID-19 virus fears that has forced gold investors to look for safe heavens and as we witnessed in 2008-09, people have moved towards gold and the Us dollar.

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Giving an idea about the gold price movement Amit Sajeja, Research Analyst at Motilal Oswal said, "MCX gold price is trading above Rs 45,000 per 10 gms and it's expected to hit around Rs 47,000 to Rs 47,500 in the coming one month time. However, I will still maintain that the rise in gold price is mainly due to the fears caused by the Coronavirus spread and this fear is gold to sustain for at least one to two months more. One should look at the triggers like how does the world, especially US comes out of the COVID-19 virus impact but at the same time,w e need to look at how India is fighting against the deadly Chinese virus. So, both need to be taken care of while taking any investment decision in gold."