Gold Price Today: Gold April futures trading around Rs 40523 at 8:10 today
Gold Price Today February 11, 2020: Indian Gold April futures were trading at Rs 40503 per 10 gm up 0.38% on Friday at around 3:12 pm. The yellow metal today opened at Rs 40566 levels
Gold Price Today February 11, 2020: Indian Gold April futures were trading at 40523 per 10 gm up 0.38% on Tuesday at around 8:10 pm. The yellow metal today opened at 40566 levels. It achieved an intraday high of 40577 while an intraday low of 40381.
Market expert Anuj Gupta of Angel Broking said that this is the right time to invest in gold as the global market uncertainties and Coronavirus outbreak has impacted the equity market quite negatively. Gupta said that Gupta said that he sees the situation to likely continue for some more time.
Gupta also told that the people who cannot invest in gold because of financial constraints can go for a 1 gm deliverable gold contract currently being offered by the Multi Commodity Exchange 0f India Ltd (MCX). The MCX scheme acts like a Systematic Investment Plan (SIP). Gupta said that the investor can accumulate 1 gm gold and take delivery of the physical gold in the future.
There has been a trend where the gold prices have steadied in the 3-4 days.
Gupta previously told Zee Business that the Gold prices could reach a high between 40800 and 41000. He puts the stop loss at 39900.
He advises that gold is a good buy at this time and could be used to hedge losses especially at the time of global uncertainties and China Coronavirus outbreak. He also sees inflationary pressure to persist in the country further impacting the equity markets.
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The country's December inflation was over 7 per cent, highest in the last eight months and is likely to remain that way in January too. Even the RBI yesterday raised inflation forecast for Q4FY20 to 6.5 per cent in its Monetary Policy announcement. For the first half of FY21, the MPC increased its inflation outlook by 0.30 percent to 5.4-5 per cent.
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