The price of gold has declined this week. Experts unveil this strategy for bullion investors

According to commodity market experts, this fall in the price of gold is due to the weakness in the US Dollar (USD) against the Indian National Rupee (INR). He said gains of rupee against dollar has neutralized the possibility of a rise in gold prices otherwise overall sentiment for MCX gold rate is still bullish.

Major triggers for today’s gold price

Bullion experts said that the price of gold in the spot market is trading in the range of $ 1760 to $ 1835 an ounce and it is expected to rise in this range in the coming week as well. He said that the price of gold on MCX is also expected to move further. from 48,000 48,700 per 10 gram range till a breakout on either side of the range in the spot market in the near future. He said gains of the Indian rupee against the US dollar will not last long as rising crude oil prices are expected to lead to global inflation, which may eventually help gold shine in the near term. He advised gold investors to maintain a ‘dip on dip’ strategy and strictly avoid any idea of ​​’move on sell’ as gold may break the $1835 per ounce barrier in the near term and short term. may go up to the level of $1880 per ounce.

Crude oil price will boost gold rate in near term

Speaking on the gold price outlook; Anuj Gupta, Vice President, Commodity & Currency Trade, IIFL Securities said, “MCX gold rate has declined this week as the Indian rupee has gained momentum against the US dollar in the forex market. Won’t last for long. As crude oil prices are rising sharply, that could raise concerns for global inflation. Besides, rising omicron cases in India and abroad also aided gold prices in the near term. Hence, the overall sentiment for gold price is positive and a buy on dips strategy should be maintained.”

Gold investors advised to keep an eye on the movement of the yellow metal in the spot market; Amit Sajeja, Vice President, Commodity and Currency Research, Motilal Oswal, said, “In the near term, gold price is limited with a positive bias. It is currently trading in the range of $1760 to $1835 per ounce, where one could One should buy gold around $1780. Per ounce level and book profit when gold rate is around $1820 to $1825 per ounce level.”

Amit Sajeja of Motilal Oswal said that in the near future, this limit is expected to remain intact and as long as neither side of this limit is breached, the strategy of ‘buying on dips’ should be maintained.

MCX gold rate prediction for short term

Anuj Gupta of IIFL Securities said the overall gold price sentiment is positive and added that MCX gold rates may go up Quoting the level of 48,700 per 10 grams in the near term, “Gold investors can buy gold 48,000 level for near term targets 48,500 more Maintaining a stop loss at 48,700 per 10 grams 47,600 per 10 grams.” He added that the spot market expects the gold price to go up to the level of $1880 per ounce, once it manages to break the upper barrier of $1835. In that case, on MCX gold price may go up from 49,300 Anuj Gupta of IIFL Securities closed at 49,500 level.

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