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Gold price today: Should you buy the gold at current levels?

In spot market, gold price has strong support at  ₹1,750 per ounce and it is expected to hit $1,820 per ounce in immediate short-term as weakness in the US Dollar (USD) against the Indian National Rupee (INR) is expected to continue further, say experts. (PTI)Premium
In spot market, gold price has strong support at 1,750 per ounce and it is expected to hit $1,820 per ounce in immediate short-term as weakness in the US Dollar (USD) against the Indian National Rupee (INR) is expected to continue further, say experts. (PTI)

  • Gold price at MCX has strong support at 46,900 and on the upper side, it is expected to hit 47,800 in immediate short-term, say experts.

Gold price today at Multi Commodity Exchange (MCX) opened 5 lower at 47,314 per 10 gm levels. However, commodity experts are of the view that the gold price has 'bottomed out' and one should look at every dip as buying opportunity in the precious yellow metal. They said that gold price at MCX has strong support at 46,900 and on the upper side, it is expected to hit 47,800 in immediate short-term. Highlighting the major triggers that will be aiding gold price rally in immediate short-term to medium-term time-frame, the bullion experts said that weakness in dollar, highly volatile equity markets and US Fed's dovish stance on the key interest rates are the major reasons that would aid precious metal's rally in short-term to medium-term time-horizon.

Speaking on the gold price outlook Anuj Gupta, Vice President — Commodity & Currency Research at IIFL securities said, "Yesterday, gold and silver were able to break the losing spree due to the weakness in the US Dollar (USD) against the Indian National Rupee (INR). Since the equity market is highly volatile and US Federal Reserve has maintained the dovish stance on key rates, overall gold price outlook is positive."

Highlighting the major levels that gold investors must keep in mind Amit Sajeja, Vice President — Research at Motilal Oswal said, "In spot market, gold price has strong support at 1,750 per ounce and it is expected to hit $1,820 per ounce in immediate short-term as weakness in the US Dollar (USD) against the Indian National Rupee (INR) is expected to continue further. In terms of MCX, the gold price may soon go up to 47,800 per 10 gm levels."

Sajeja said that gold price seems to have made its bottom when it rebound from $1,670 per ounce levels and hence one should maintain 'buy on dips' strategy as overall sentiment for gold is bullish.

Asked about the gold price outlook in medium-term time-horizon Amit Sajeja of Motilal Oswal said that gold price at MCX may go up to 50,000 per 10 gm levels in medium-term as the spot gold price will be heading for $1,880 per ounce after hitting its immediate $1,820 per ounce target.

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