Gold price today: Money to be made? Buy with price target of Rs 48350, says Anand Rathi

Gold price today 22-4-2021: Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi  says that Comex Gold rose to near an eight-week high as a sagging dollar and weaker U.S. Treasury yields boosted the metal's appeal, while Silver on the MCX ended the session with more than 2% gains, closed well above Rs. 70,000 for May contract.

Anand Rathi said that Benchmark U.S. 10-year Treasury yield was pinned below 1.6%. A bipartisan U.S. congressional push to counteract China picked up steam as a Senate committee backed a bill pressing Beijing on human rights and economic competition and other lawmakers introduced a measure seeking billions for technology research.

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Anand Rathi said that Market participants await the ECB meeting due later today and a U.S. Federal Reserve policy meeting next week. MCX gold has appreciated by 5.45% in April and adding to the bullish tone, demand from China has bounced back from low levels, with Beijing permitting domestic and international banks to import large amounts of gold into the country.  Sentiment is positive but Anand Rathi says there could be profit booking also possible here. He said the gold price range would be Rs 48,000 – Rs 48,400 for intraday. Anand Rathi said can Buy MCX Gold June with a price target of Rs 48350, stop-loss Rs 48000.

ICICI Securities says that Gold prices opened strongly higher on Wednesday and rose further during most of the session till a fresh two-month high of Rs 48429.  Prices have been rallying strongly in the last three weeks as a softer dollar and a retreat in US Treasury yields lifted demand for the safe-haven metal. Hence, ICICI Securities expect gold prices to rise further towards Rs 48600 level in the short-term.