Srinagar, Apr 5: Gold price surged more than 1 per cent giving positive signals at the beginning of the June contract at Multi Commodity Exchange (MCX). At MCX, Gold price rose Rs 469 and hit Rs 45,404 per 10 gm mark. According to commodity experts, gold price is expected to become bullish once it sustains above Rs 45,600 mark. They said that once it sustains above Rs 45,600 levels, the precious bullionk metal will soon scale up to Rs 48,000 per 10 gm mark at MCX and in the international market it will hit $1780 per ounce to $1800 per ounce.
Expecting big breakout in the gold price Amit Sajeja, Vice President Gold Price Today 05-04-2021 — Research at Motilal Oswal said, “Overall gold price sentiment is bullish. One should maintain buy on diops strategy till the gold price is above $1,700 per ouce levels. In MCX terms, gold price will become highly bullish once it breaks Rs 45,500 per 10 gm resistance.” Since, gold price today is around Rs 45,400 per 10 gm levels, a big breakout in the gold rate can’t be negated, said Sajeja.
On gold rate prediction in next two months Anuj Gupta, vice President — Commodities & Curencies at IIFL Securities said, “Gold price sentiments in the next two month is bullish. It has strong support at $1,700 per ounce in the international market while in the next two months, it may hit $1,780 to $1,800 per ounce mark. In terms of MCX, gold price may go up to Rs 48,000 per 10 gm.”
On reasosns that will fuel gold price in the international and domestic markets Gupta said that rising crude oil pirces and depreciating Indian National Currency (INR) against the US Dollar (USD) will be the major reason for rise in gold price. Apart from this, there will be marriage season falling in the next two months and in that period, gold consumption in India is expected to shot up. So, on the demand-supply constraint, gold price rally will get boost from both overseas and from the domestic markets too.
