Gold value yesterday at Multi Commodity Exchange (MCX) dipped ₹318 and closed at ₹48,880 per 10 gm ranges. However, if we go by commodity specialists views, correction in valuable yellow metallic is sweet information for bullion buyers. They stated that gold value goes by means of consolidation and it might go as much as ₹48,500 per 10 gm ranges. The bullion specialists went on so as to add that any dip within the valuable metallic must be seen as a chance to purchase as gold value might rise as much as ₹53,500 per 10 gm ranges by the tip of 2021.
Speaking on the gold value outlook Amit Sajeja, Vice President — Research at Motilal Oswal stated, “Gold price is going through consolidation and the trend is expected to continue for next one month till it is trading in the range of ₹48,300 to ₹49,500 per 10 gm. However, I would advise gold investor to look at every correction as a buying opportunity as gold price outlook in medium-term looks positive and it may go up to ₹51,000 per 10 gm in medium-term time-horizon.”
On purpose for gold value consolidation Amit Sajeja of Motilal Oswal stated, “The major reason for yellow metal consolidation is consolidation in the US Dollar (USD). Currently, US Dollar is sideways and trading in 89.50 to 91 mark in the currency market.”
Suggesting gold buyers to take care of ‘purchase on dips’ technique Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities stated, “From medium to long-term time-horizon, gold price is expected to remain positive as global inflation may outperform demand. I would advise gold investors to maintain buy on dips and keep on accumulating gold till it is trading above ₹48,500 per 10 gm at MCX.”
On gold value goal in long-term perspective Anuj Gupta of IIFL Securities stated, “Gold price in international market is around $1,880 per ounce and it is expected to go around $1,850 to $1,860 per ounce levels. Currently, yellow metal price is range-bound but after breaking the immediate upper hurdle of $1,880 to $1,900 mark, it may go up to $1,960 per ounce mark.”
On gold value prediction in home market Anuj Gupta of IIFL Securities stated, In home market gold value might go as much as ₹53,500 by Diwali to 12 months finish.” He stated that after fifteenth July 2021, gold rally might be anticipated as demand for gold will begin rising that can lastly peak by Diwali 2021 to 12 months finish.
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