Gold price today: Yellow metal rises Rs 312; experts give this money making strategy
Gold price today surged Rs 312 per 10 gm to Rs 46,717 level at the Multi Commodity Exchange (MCX).
Gold price today surged Rs 312 per 10 gm to Rs 46,717 level at the Multi Commodity Exchange (MCX). According to the commodity experts, gold price outlook for the next week is between 'slightly bullish to bullish' as there are mixed triggers emanating from global politics.
Speaking on the gold price outlook, Sugandha Sachdeva, Vice President at Religare Commodities said, "Gold price for next week is slightly bullish as we are getting mixed triggers globally. On one hand global economy is opening up after a long Coronavirus lockdown while on the other hand we are witnessing the brewing US-China standoff." She said that US-China standoff is supporting gold price while opening of the global economies after ease in lockdown announced by various countries is supporting global equities.
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Sachdeva said that in international market gold price is having strong support at $1,665 per ounce while it is facing strong resistance at $1,750 per ounce levels. On gold price MCX, Sachdeva said that Gold price MCX has strong support at Rs 44,600 while it is facing resistance at Rs 48,000 per 10 gm.
Expecting gold price to remain bullish, Anuj Gupta, Deputy Vice President at Angel Broking said, "Gold price is overall bullish and for the next week, Sino-US tensions and weak dollar is expected to lift gold price up to Rs 47,800 per 10 gm levels." He said that though global economies are opening up, it will take time for them to recover and it makes conducive for gold to remain bullish to slightly bullish against the equity markets.
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