Gold Price Outlook: Gold to remain firm this week, may test Rs 55,000 mark, says expert

MCX October Gold Futures were trading in positive territory on Tuesday and were up 1.21 per cent from the previous close on Monday. They were trading around Rs 53,921 per 10 gram around 7:20 pm. The precious metal may see a further uptick by Friday, Senior Technical Analyst Anuj Gupta said, reiterating his earlier stance. He said that he was bullish on the yellow metal in the near to medium term. 

Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said Gold futures are expected to trade between Rs 54,500 – Rs 55000 over the remaining part of trading sessions for this week.

In Mumbai, the spot price of standard gold (99.5) was 53600 while it was Rs 53815 for pure gold (99.9), PTI reported.

Gold rose more than 1 per cent on Tuesday to climb back above the USD 2,000 level breached earlier this month, as the dollar hit a more than two-year low and investors awaited details of the US Federal Reserve`s strategy to combat a pandemic-induced economic slump, Reuters reported. 

Spot gold was up 1 per cent at USD 2,005.04 per ounce by 1158 GMT, having earlier hit a one-week peak of USD 2,009.89. Gold first broke the record USD 2,000-level early in August, reaching an all-time high of USD 2,072.50, it further said. US gold futures were up 0.8 per cent at USD 2,014.40. 

On the outlook for international price of gold futures, Gupta said that he expected the price to be between USD 2020-USD 2050.  

 As for MCX September Silver Futures, the price was up by almost 2.7 per cent from the Monday close, trading at 71,013. Meanwhile, the spot price of silver in Mumbai was Rs 69,998 at close. Silver Futures on CME are likely to trade around USD 29  

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Among other things, the yield on the benchmark10-year Treasury note continued it downhill trend, Gupta said, adding that this would firm up the gold price.