Gold Price Today: Yellow metal may hit Rs 45,500 mark; experts reveal strategy to benefit from
Gold Price Today: Yellow metal rates at Multi Commodity Exchange (MCX) today crashed to the tune of Rs 330 to Rs 46,365 per 10 gm. Commodity experts are of the opinion that this fall is due to bulk profit-booking being triggered by the unlocking of global economies giving hopes of recovery in merchandise worldwide. However, they maintained that gold price is still bullish and its $1,690 per ounce to $1,750 per ounce range in the international market is very strong. They also said that at MCX, gold price may come down up to Rs 45,500 per 10 gm, which is an ideal position to take a fresh buy position for the target of Rs 46,800 per 10 gm.
Anuj Gupta, Deputy Vice President – Commodities & Currencies Research at Angel Broking said, "Gold prices are trading lower hoping for a global economic recovery that keeps pressure on the safe haven demand of the gold. Today, gold is trading 0.72 per cent lower almost down by Rs 330 to Rs 46,365 per 10 grams on MCX August contract. We are expecting some profit booking in gold prices as safe haven demand fades out. On the weekly perspective, the chance of profit booking could be seen in gold prices. For a weekly perspective, gold may test Rs 45,800 to 45,500 levels on MCX and in the international market it can test $ 1690 per ounce.”
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Suggesting gold investors to avoid taking any fresh position in current gold MCX market, Amit Sajeja, Associate Vice President at Motilal Oswal said, "Overall, gold price is bullish. The recent correction is caused by profit-booking after unlocking the global economy and hopes of revival in the global merchandise. However, Gold price in the international market is trading in the range of $1,690 per ounce to $1,750 per ounce. If the gold price comes around $1,700 per ounce levels, it should be seen as a buying opportunity. Till then, my suggestion is for investors to remain cautious and avoid taking any fresh position."
He said that one should buy gold when the price in the international market touches $1,700 per ounce levels for the target of $1,750 per ounce. In MCX terms, Sajeja said that one should buy gold below Rs 45,700 for the target of Rs 46,800.
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