Gold Price Today: Experts predict rising corona cases to strengthen demand
Gold Price Today: Amid the rising cases of coronavirus, commodity experts predict that Gold is going to be the top runner among all commodities as it’s considered as safe-haven asset for investment.
Gold Price Today: Amid the rising cases of coronavirus, commodity experts predict that Gold is going to be the top runner among all commodities as it’s considered as safe-haven asset for investment.
In this regard, Motilal Oswal Securities’ Kishore Narian while speaking to Zee Business said, the surge in the covid cases in the country will increase the demand for gold as it is the safe heaven investment option for traders.
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He added, however, we could also see dollar prices rising due to the covid situation in India, which could hurt Gold’s growth. The rising dollar index and yields are the major factors that adversely affect Gold price. Currently, Gold price today is around at Rs 47400-47500 per 10-gram level.
As the second important factor that could impact Gold, Narain points out that the market is waiting for the US Federal Reserve’s policy meeting, which is scheduled on April 27-28, 2021. The recent rally in Gold we witnessed, was a profit booking one, he adds, Gold prices would surge going ahead.
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Narain believes, on an intraday basis, Gold is in a corrective mode for the short-term. He gives a buying option at Rs 47620 per 10 gram with a stop-loss of Rs 47,800 per 10 gram and sets a target at Rs 47350 per 10 gram. He expects, a little correction but nothing to worry about in the long run.
Before concluding, he suggests, long-term investors at the bottom should buy the yellow metal at Rs 46800 to 47000 per 10 gram.
On the other hand, Sugandha Sachdeva of Religare Broking believes Gold is strongly supported due to the rising corona cases, moreover, the softness in dollar price is also helping Gold to strengthen.
Adding further she points out other factors that would help Gold soar is inflation. She believes this covid situation would peak the inflation and again, we are likely to see Gold strengthening.
In today’s session, Sachdeva says, there has been appreciation in Rupee due to which gold price mostly saw volatility. Besides, the US factory output data numbers are good as well as the US economy is also in good shape, these are the factors that will hamper the gold movement.
With respect to positional view, Sachdeva suggested investors buy Gold for a target of Rs 48300 per 10 grams and if this level is breached we may see it touching Rs 49500 per 10-gram level. She sets a stop-loss of Rs 47200 per 10 grams at the downside.
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