Gold futures to touch $1250/ounce, say WTI Commodity experts
Gold prices at the global commodity market is expected to go down by around $25 per ounce by June end, say commodity market experts. At MCX, gold may touch Rs 30,000.
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WTI Crude: Oil prices plunge 3 pct on oversupply fearsGold futures prices at the WTI is expected to go down up to $1245-1250 per ounce as the dollar has been gaining its ground it lost in recent months and the European economy is yet to show any signs of recovery. The WTI commodity experts say that gold futures are expected to remain bearish till June even though demand for gold is expected to go up in Asian markets, especially in India and China.
Speaking about the correction one can expect at US WTI gold futures Amit Sajeja, Analyst at Motilal Oswal Commodities said, "Currently WTI gold is oscillating around $1275/ounce and we are expecting around $25 to $28 correction in the gold price in WTI perspective. In next two month by June end, the WTI gold price may show $1250 to $1245 per ounce as the European economy is not doing well and is expected to remain under stress helping US dollar to gain further in the dollar index." He said that correction is the gold price will continue till June 2019 even though the demand for gold is expected to go high in Asian markets, especially in India and China.
On reasons that will pull own gold future prices in coming two months Anuj Gupta, Deputy Vice President, Commodities and Currency at Angel Broking said, "In WTI perspective the gold prices are expected to remain bearish in the next one to two month as the dollar has gained in the last few days and the US inflation is also under control. Though, the World Gold Council (WGC) has said that there has been a rise in gold demand by 7 per cent." He said that on May 1 Federal Reserve Chairman Jerome Powell maintained his dovish stance on interest rate hike but Powell also had a warning when he said that if the US inflation remains under control, the US central bank may hike the interest rate at least once this year. So, until then, the gold prices are expected to remain bearish.
Asked about the correction in Indian MCX perspective Anuj Gupta of Angel Broking said, "At MCX, we are expecting the gold price to go down up to Rs 30,000 per 10 grams."
