Outlook for Gold price is likely to remain positive for this week as the yellow metal would benefit from the weak global economic situation, Senior technical analyst Anuj Gupta told Zee Business. Gupta who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said that he expects Gold June futures to reach around Rs 47800 per 10 gms mark. He puts the stop loss at Rs 46600.

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All markets including the commodities market MCX are closed today on account of Eid-Ul-Fitr. The markets will open at usual timings on Tuesday.

The Gold June Furtures on Friday ended the day in green. They were up by almost 1.5 per cent at 47061 at close. Gold June futures had touched a life time high of Rs 47980 per 10 gms on MCX last week.

Amit Sajeja, Assistant Vice President, Research at Motilal Oswal, also sees the gold prices firming up from here. Sajeja, while giving the overall global outlook for Gold, said that the precious metal can test USD 1750 levels. Sajeja said that Gold will likely trade between USD 1710 and 1750 during this week. He also said that Gold ETF (Exchange Traded Fund) was still being preferred as an investment bet and last week’s figure suggest that the buying went up by 0.4 per cent. This will be a supporting factor for the yellow metal.

Among other triggers, Sajeja said that the ongoing tension between US and China will likely put Gold’s position on a firmer ground.

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The gold has been traditionally been used as a safety net in the time of crisis, the experts said. Gold ETF has got a very good response in April, Gupta said. The April month saw a record buying by the investors, with 170 tn of buying activity observed taking the overall selling to 3355 tn.