gold rate today MCX (Multi Commodity Exchange) ₹47,300 per 10 grams after the test ₹Tomorrow’s 48,000 level. According to commodity market analysts, the fall in the yellow metal was due to profit-booking as the overall sentiment for the precious bullion metal is still positive. Rising crude oil prices are fueling global inflation and a weak rupee against the US dollar is the key trigger which will continue to support the upside in gold prices in the next one month, he said.
Commodity market experts said that gold has strong support at $ 1720 an ounce in the international market and it can go up to $ 1800 an ounce in the immediate short term. After crossing this barrier, the precious yellow metal could move up to $1,850 an ounce in about a month’s time-horizon. He advised gold investors to buy gold at the present time. ₹47,300 per ounce level and . continue to submit ₹Stop loss remains at 46,900 level ₹46,600 per 10 grams on MCX.
Speaking on the gold price outlook; Anuj Gupta, Vice President, Commodity & Currency Trade, IIFL Securities said, “The rise in crude oil prices is driving global inflation and the weakening rupee against the US dollar is expected to continue further. Hence, for gold price. Overall sentiment is still positive.Recent fall in gold price after touching it ₹A fresh rally in the precious metal at Rs 48,000 per 10 grams on Friday on MCX should be seen as profit-booking ahead. Instead of panicking about this sharp fall in the price of the bullion metal, this fall should be seen as an opportunity to buy.
Anuj Gupta of IIFL Securities said gold price has strong support near $1720 an ounce level in the international market and is likely to continue. On the upside, once the profit-booking ends, the yellow metal is likely to move towards the $1,800 to $1820 level per ounce soon. Gupta said that in the next one month, the price of gold in the international market is likely to go up to $ 1850 an ounce and hence keeping the above levels in mind, one should continue buying on the downside as a strategy.
Echoing the thoughts of Anuj Gupta; Manoj Dalmiya, Director and Founder, Proficient Equities Pvt Ltd, said, “The falling yield on Treasuries and the US Fed not disclosing when they are going to raise key interest rates will also support gold price rally in the near term Hence, one can buy gold at the current level, and may go up ₹49,600 in the next one month on MCX.
Revealing the investment strategy for gold buyers, Anuj Gupta of IIFL Securities said, “One can buy gold by maintaining the stop loss at the current level. ₹46,600 for the immediate target of ₹48,000 per 10 grams on MCX. Can keep gold for one month target ₹from 49,000 ₹49,500 per 10 grams on MCX.
Globally, gold prices hit a one-month high of over $1,800 on Thursday. The dollar index and the benchmark US 10-year Treasury yield both pulled back from their multi-month highs. The yellow metal was flat on Thursday after the number of Americans filing new claims for unemployment benefits fell below 300,000 for the first time in 19 months last week.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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