Gold value at Multi Commodity Exchange (MCX) dipped ₹108 per 10 gm and closed at ₹47,526 per 10 gm. According to commodity consultants, dipping gold value is a chance for the yellow steel consumers as general outlook for gold remains to be ‘bullish.’ They mentioned that rising concern of world inflation and rising new circumstances of Covid-19 within the US, Europe and South East Asia can as soon as once more make gold an ‘investor’s haven.’ They suggested bullion traders to take care of ‘purchase on dips’ technique until yellow steel is priced above ₹46,500. They are of the opinion that treasured steel could go as much as ₹52,500 per 10 gm ranges by Diwali 2021.
Gold value prediction
Speaking on the gold value outlook; Sugandha Sachdeva, Vice President at Religare Broking Ltd mentioned, “Outlook for gold is still bullish and any dip in gold price should be seen as an opportunity by yellow metal buyers till the precious metal is priced above ₹46,500 per 10 gm. The triggers working in favour of gold price rally in the long-term are rising concern of global inflation that seems to be persisting further and increasing number of Covid-19 cases, which includes the delta variant cases in the US, some European nations and South-East Asian countries, even though the soaring risk appetite globally has dimmed the appeal of gold to a large extent this year.”
On gold value forecast for short-term Anuj Gupta, Vice President — Commodity & Currency Trade at IIFL Securities mentioned, “Gold price is bullish till it is trading above $1,750 per ounce levels and in MCX terms; strong gold price has strong support at around ₹46,500 to ₹46,200 per 10 gm levels. So, one should maintain buy on dips strategy as in short-term, the gold price is expected to go up to ₹48,500 per 10 gm mark.”
Gold value goal
On gold value prediction for long-term Sugandha Sachdeva of Religare Broking mentioned, “At MCX, gold price has strong support at ₹46,500 and one should continue buying gold on every dip till it’s above ₹46,500 per 10 gm mark on a closing basis. On the other hand, it’s immediate hurdle is ₹48,500 and once it breaks this levels, we can expect to see gold price MCX at ₹52,500 by Diwali 2021. So, my advice for gold buyers is to maintain buy on dips strategy with strict stop loss of ₹46,500 per 10 gm on a closing basis. Even if prices breach ₹46,500 per 10 gm mark, we are penciling in a decline towards ₹45,500 to ₹45,200 per 10 gm area that should again invite strong buying interest for a medium to long term perspective.”
Sugandha Sachdeva mentioned that within the worldwide market gold value is at present buying and selling within the vary of $1,758 per ounce to $1,850 and maintained that $1,758 per ounce is a robust assist for the gold value and it’s anticipated to stay intact until these triggers exist.
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