Will Gold price touch Rs 50000 level? All the details you need to know now
Gold price: Commodity Editor and Anchor at Zee Business Mrityunjay Jha said that Gold is trading above Rs 47000. Leading a panel of distinguished names, Jha said they were gathered for the show on Tuesday to see when gold price may touch the Rs 50000-mark. The basis for the discussion were reports of top brokerage houses on the issue
Gold price: Commodity Editor and Anchor at Zee Business Mrityunjay Jha said that Gold is trading above Rs 47000. Leading a panel of distinguished names, Jha said they were gathered for the show on Tuesday to see when gold price may touch the Rs 50000-mark. The basis for the discussion were reports of top brokerage houses on the issue.
Decision of the poll conducted is highlighted below:
IIFL Securities and Kedia Commodity said that they expect Gold prices to touch Rs 50000 mark in next 4 months. Motilal Oswal, Religare Broking, Choice Broking, SMC Global LKP Securities said that Gold prices touch Rs 50000 in just the next 2 months. Kotak Securities on the other hand expects Gold prices to reach Rs 50000 in 3 months.
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Mritunjay said that among all the broking houses there is a strong belief that Gold price will touch the levels of Rs 50000 levels in next 2 to 5 months.
सोना ₹50,000 कब तक?
सोने पर सबसे बड़ा पोल...
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Kunal Shah, Head of Research, Nirmal Bang Securities said that geopolitical tension between Russia and Ukraine, between U.S. and China will ensure that gold prices will move up further. Iran tension will also benefit gold prices on the positive side. The Dollar Index has moved down sharply from 93 levels to below 91. The US markets are expecting further infrastructure stimulus packages to boost the economy indicating Gold prices will move up further.
So, what should buyers do? Gold prices have moved up 10% from recent lows, and in case there is a correction of Rs 300 –Rs 400, participants should not worry about it. Investors should use the dips to invest in Gold. He suggested buying with a stop-loss of Rs 46990 and a target of Rs 47690.
Manoj Kumar Jain, Director, Head of Commodity and Currency, Prithvi Finmart said that Bond yield saw a good upmove yesterday. This move indicates that Gold price may stabilize and will not move up in the short term. He says that the overall trend is positive on Gold prices. Gold price can see $1950 - $2000 from here on. He expects the gold price to touch Rs 50000 in 5 months due to rising Bond yield prices. He said investors should buy in range of Rs 46800 – 47000, with stop-loss below 46000 and target of Rs 50000.
Jatin Trivedi, Senior Research Analyst of Commodity and Currency Market, LKP Securities said that Dollar Index is weak and Rupee is also depreciating which is positive for Gold prices. Import Bill will increase going further as the Government has been told to remove import duty. Pressure is going to remain on the Government going further. He said Investors should buy with a stop-loss below 46900 and target of Rs 47700 – 47800.
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