Gold rate today retraces from life-time high. Opportunity for buy on dips? | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Markets / Commodities/  Gold rate today retraces from life-time high. Opportunity for buy on dips?
BackBack

Gold rate today retraces from life-time high. Opportunity for buy on dips?

Commodity market today: Gold rate today has strong support placed at ₹60,200 levels on MCX, believe experts

Gold prices today is support placed at $2,000 per ounce levels in international market, say experts.Premium
Gold prices today is support placed at $2,000 per ounce levels in international market, say experts.

Gold rate today witnessed some profit booking in early morning session and retraced from its life-time high of 61,145 per 10 gm that it climbed on 4th April 2023. Gold future contract for June 2023 on Multi Commodity Exchange (MCX) opened lower at 60,679 levels and went on to hit intraday low of 60,574 per 10 gm. In international market, gold price is quoting near 0.47 per cent lower at $2,011 per ounce levels.

According to commodity market experts, gold price today is under heat due to retreat in US dollar rate today. US Dollar Index today gained 0.17 per cent in early morning deals and hit 101.710 levels. However, they maintained that overall outlook for gold is bullish and one can continue buying on dips. They advised gold investors to buy gold at around 60,500 per 10 gm levels for immediate target of 61,200 levels. In international market, gold prices have strong support at around $2,000 levels and one can buy around support levels for short term gains.

Triggers for gold price today

Speaking on gold price triggers that may pull back yellow metal price after recent sell off, Anuj Gupta, Vice President — Research at IIFL Securities said, "Gold rates today have retraced from record high as profit booking was widely awaited in the yellow metal. But, the precious bullion metal is still bullish and this dip should be seen as buying opportunity by gold investors. Triggers like soft US economic date fueling speculation about end of tightening measures by the US Fed and fear of economic slowdown are still looming around."

Day trading guide or gold investors

Suggesting buy on dips strategy to gold investors, market expert Sugandha Sachdeva said, "As of now, buying on some declines seems prudent while keeping a close eye on the support of 60,200 per 10 gm mark as prices look to edge higher toward $2,050 per ounce or 61,700 per 10gm in the short term. The yellow metal even has its eyes set on the previous highs of $2,075 per ounce mark tested in 2020."

On suggestion to short term investors, Anuj Gupta of IIFL Securities said, "Gold investors can buy MCX gold at around 60,500 per 10 gm levels for immediate target off 61,200 levels maintaining stop loss at 60,150 levels."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Commodity News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 06 Apr 2023, 09:59 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App