Gold price today crashed Rs 245 per 10 gm and hit Rs 49,659 level at Multi Commodity Exchange (MCX). Silver price too has corrected to the tune of Rs 602 per kg and came close to Rs 59,000 per kg at the MCX. According to the bullion market experts, gold and silver prices may continue to fall for the next few days but this is not the time to panic but to take advantage of this correction. They said that yellow metal may go up to Rs 48,000 per 10 gm but one should keep on accumulating on every Rs 500 to Rs 600 per 10 gm dips as the downside risk in gold buying is around Rs 1500 only while the upside reward can be a lifetime high by end of December 2020.

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Speaking on the gold price forecast, Amit Sajeja, Associate Vice President at Motilal Oswal said, "Spot gold has strong support at $1,840 per ounce and the yellow metal may test this level in the international market in this consolidation phase. In MCX terms, this level comes around Rs 48,000 per 10 gm because the rupee has appreciated against dollar. So, from current levels, there is around Rs 1,500 to Rs 2,000 per 10 gm downside risk while once the consolidation gets complete, there can be sharp appreciation in the gold price with an immediate target of Rs 53,000 in just one to two weeks time. So, my suggestion to gold investors is to continue to accumulate strategy on every Rs 500 to Rs 600 per 10 gm dip."

Pressing for fresh investment in gold; Anuj Gupta, Deputy Vice President — Commodities & Currencies at Angel Broking said, "Gold price is expected to remain weak for next few days as the consolidation in the yellow metal price is still not over. But, when there is risk, there is opportunity too. Gold may go up to $1,820 to $1,850 per ounce range and there we can expect completion of this current consolidation. In the domestic market, Deepawali 2020 is fast approaching and hence after the consolidation, one can expect sharp recovery in the precious yellow metal."

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Asked about the gold price forecast till Deepawali 2020 Gupta said that we can expect the yellow metal to first hit Rs 52,500 to Rs 53,000 per 10 gm and then by the end of Deepawali it may go up to Rs 55,000 per 10 gm at MCX. In the retail bullion market, it may go up to Rs 57,000 per 10 gm as Rs 2,000 will get added in the landing price of gold.