Gold reaches record high, buy, sell or hold beyond Rs 60,000?

mcx Sleep were trading in futures around 12:55 pm 60,280, up 897 or 1.51 percent. Silver prices also gained momentum on MCX and was trading increased to Rs 69,100 per kg 599 or 0.87 percent at 1:23 p.m.

Colin Shah, MD, Cama Jewellery, said, “Gold prices hitting fresh high is indicative of slower economic growth and low interest rates coupled with adequate liquidity, which will help the system tide over the current situation.”

“We expect gold to move higher and touch new highs in the next few months. Domestically, it is expected to trade in the range of . 61,000-62,000/ 10 grams. Internationally, it may extend towards $2,050-2100/oz levels,” said Shah.

“Gold is expected to do well in the near term as gold gains from the US dollar. Gold has a negative correlation with the USD index. Gold does well when the USD dollar index falls. US dollar index is falling since 22nd October and accordingly gold price is going up from 22nd October. trend is expected to continue as we expect US Fed Silicon Valley to cut rates in 2023 after the bank crisis and this will further weaken the US dollar index. So it is expected that gold will do well in the coming months,” said Dr Mukesh Jindal, Co-Founder, Alpha Capital.

“Gold is likely to trade with a positive bias for the day amid a fall in US Treasury yields and a weak US dollar. Also, a hedge deal for Credit Suisse and a safe haven fear on a contagion risk notwithstanding support Demand may increase. Global central banks. Brokerage house ICICI Direct Research said, MCX gold is expected to move towards 59700 level.

According to ICICI Direct, MCX silver price is likely to move higher towards 69,300 levels.

gold in international market

In the international market, gold climbed above $2,000 an ounce for the first time in more than a year.

“The race to reassure markets on recent global financial instabilities is on…with UBS’s rescue deal for Credit Suisse helping to calm some nerves and ease safe-haven flows into gold,” Yep Joon Rong, said the market analyst. IG.

Bullion soared 6.5 percent last week in its biggest gain since the early days of the pandemic in March 2020 amid rising fears over Credit Suisse Group AG and the collapse of several regional US lenders.

UBS Group AG agreed to buy the Swiss lender in an emergency, government-brokered deal, but it gave up some of those gains early today as it rebounded later in the session.

Spot gold was up 0.6 percent at $2,000.37 an ounce in Singapore by 3:23 p.m. The last time bullion traded above the psychologically important $2,000 mark was on March 10 last year.