Gold Rate Today: After nearing its lifetime high of $2075 an ounce, spot gold prices witnessed profit-booking and the yellow metal settled below the $2000 level. Gold price also came down on MCX 53,000 after climbing up 55,000 per 10 grams level last week. According to commodity market experts, this sharp rise in the prices of the precious Arab metal was mainly due to rising geopolitical tensions due to the Russo-Ukraine war. He added that the underlying tone for gold price is still positive and there could be strong buying interest at lower levels.
Gold Price Expected To Be Sensitive To Russia-Ukraine News; Sugandha Sachdeva, VP – Commodity & Currency Research, Religare Broking said, “As the market mood has moderated slightly, after the spectacular rally in the recent past, some correction and strength may be seen in gold prices, where the prices are set to hit record lows. Highs were around $2075 per ounce or 56,191 per 10 grams, but could not breach it. We believe gold prices will remain sensitive to the news surrounding the Russia-Ukraine conflict in the near future, but buying interest at lower levels will increase. The underlying tone is still positive for gold as inflation continues to rise in the US, fueling interest in gold.”
On the upcoming US Fed meeting next week and its impact on the precious metal, Sugandha Sachdeva of Religare Broking said, “Markets are now eyeing the upcoming US Fed policy meeting next week where the central bank is likely to follow its monetary tightening trajectory. Chances are and lift rates by 25 bps.”
Suggesting gold investors to remember key levels in relation to spot gold price and MCX gold rate; Anuj Gupta, Vice President, IIFL Securities said, “MCX gold price has immediate support 51,500 while it has strong support 49,000 per 10 grams level. In the spot market, immediate support for gold is at the level of $1970 an ounce, which the market has been maintaining for the past few days. However, the key support for spot gold is now near the $1920 an ounce level. As gold price is expected to remain sensitive to Russia-Ukraine news, gold investors are advised to be aware of their levels and maintain strict stop losses while taking any position in the yellow metal.”
Anuj Gupta, IIFL Securities, advises domestic gold investors to buy dips strategy saying, “High risk investors can buy gold in these days. from 52,000 Stop loss remains in the 52,500 range on MCX 49,000 level. Ordinary gold investors can take fresh positions around Stop loss remains at 51,500 level 49,000 level. who want to enter from 52,000 Buy on Dips strategy should be maintained till price of yellow metal rises above 52,500 level 51,000 level on MCX.
Sugandha Sachdeva of Religare Broking, while speaking on the triggers that will accelerate gold prices again, said, “Apart from geopolitical risks, the ongoing economic sanctions on Russia, and rising energy costs will have a negative impact on global economic growth and a flight. Security in Gold. Amidst the background, we advocate buying gold in a staggered manner on certain downsides, where initial support is seen at $1925 per ounce or so. 51,400 per 10 grams, while key support lies at $1,850 per ounce, or . is estimated at 48,800 per 10 grams.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!