New Delhi: Gold is currently running above Rs 50,000 per ten grams. Before closing at 1898 per ounce in the international market on Friday, gold went up to $ 1900. The recent reason for the rise in gold has been the tension between Russia and Ukraine and the weakness in the rupee against the dollar. Gold was seen going up to ₹ 50,123 per 10 grams on MCX.
However, there was some profit-booking in both domestic and foreign markets as tensions between Russia and Ukraine eased slightly. In such a situation, it becomes necessary for the investors of gold to know whether this rally of gold will continue or now it is time to exit after booking profits.
Gold prices likely to rise
Commodity market experts say that the spot price of gold has hit its target zone of $ 1900 to $ 1910 an ounce and now it may see some correction due to profit booking. He also says that even though tensions between Ukraine and Russia have eased slightly, concerns about global inflation still remain. Due to this, the price of gold will still remain high. Significantly, the market has already digested the US Fed’s stance on increasing interest rates.
Commodity experts believe that the spot price of gold in the international market may come around $1865 and keeping in view the period of 3-4 months around this level, fresh buying should be done for the target of $2000 an ounce. Talking on the domestic market, commodity experts say that in a period of 3-4 months, MCX Gold can touch the level of 52000.
Wait for the fall
Amit Sajeja of Motilal Oswal says that wait for any fall in gold and buy gradually in installments on every fall with a stop loss of Rs 47500 on getting around Rs 49300 per 10 grams.
Anuj Gupta of IIFL Security says that gold can be bought with an immediate target of Rs 51,000. If it continues for 3-4 months, then we can see a level of Rs 52,000 per 10 grams.
