Gold Price Today: The yellow metal is lower by ₹4000 from recent highs. should you buy

According to commodity market experts, progress in this Russia-Ukraine peace talks And while the US Fed’s tough stance on interest rate hikes may act as a booster dose for bears in the near future, global inflation concerns are expected to remain present in the medium to long term. He added that immediate support for gold is pegged at $1880 to $1900 per ounce and there is immediate resistance at the $1934 level.

Shedding light on the reasons for the fall in the price of gold across the world; Sugandha Sachdeva, Vice President, Commodity and Currency Research, Religare Broking Ltd. said, “The sentiment for the metal turned bearish at the beginning of the week as Russia promised to reduce military operations around Kyiv. However, there is still a lot of doubt. Concrete de-escalation, which supported the precious metal around the psychological level of $1,900 an ounce, amid a flight to safety. In addition, Russian President Vladimir Putin cut gas supplies to foreign buyers. Moved forward to counter Western sanctions by threatening to stop unless they switch to payments in rubles, which has increased tensions.”

Sugandha Sachdeva of Religare Broking on various factors and its impact on spot price of gold said, “There is a lot of panic that the US Fed’s hiking cycle to seal decades of high inflation will have a bearing on US economic growth. There could be an adverse impact, which largely drove gold prices. Euro zone inflation also rose to a record 7.5 percent in March, compared to a revised figure of 5.9 percent in February, another positive trigger for prices. The precious metal, however, did not react much. The much-anticipated US jobs report for March came as non-farm payroll numbers came in close to market expectations, even as wages picked up. Though it is expected to give the Fed its next meeting and cap gains. may lead to an increase of 50 bps.”

What does the technical chart suggest in relation to the spot price of gold today; Vidit Garg, Director, MyGoldKart, said, “Gold prices have declined this week following the easing of the Russia-Ukraine crisis and the recovery in bond yields from 3-year highs. per ounce level, we cannot say that the bearish phase is over. Any jump in the price of gold can come as a correction in the downtrend if it reaches the level of $1934 fails to sustain above the USD 1880 level. On breaking the current support level of $1880, spot gold price may move further lower towards the level of 1860 around.”

Advising buy on dips strategy to medium and long term investors; Sugandha Sachdeva, Religare Broking said, “Contrary to the weekly losses, gold witnessed the biggest quarterly gain since September-2020 as Russia-Ukraine conflict remained center stage, while rising inflation led to a dip in investment demand for gold. Inflation hedge. Considering mixed factors, some further pressure may be seen in prices, but we recommend maintaining buy-on-dips approach in Gold, where immediate support is $1880-1900. ounce area, while the major hurdle is seen around the $1970 mark. Only a solid breach of the mentioned resistance will lead to a significant increase in prices.”

Sharing key levels for gold buyers in the domestic market; Anuj Gupta, Vice-President, IIFL Securities said, “MCX gold price today stands in support zone from 50,500 50,800 per 10 grams level. On the upper side, it is facing resistance at from 52,400 52,800 per 10 gram area. In the spot market, if the gold price sustains above the $1960 level, we can expect it to move towards the $2,000 an ounce level and in that scenario the bulls can outperform the bears.”

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.