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

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.