Gold Price Prediction: Yellow metal to hit Rs 56,000 per 10 gm; check out this money-making suggestion

Gold Price Prediction: After the US Fed chief said that interest rates would remain around zero till 2023 and the US economy continues to face COVID-19 heat, gold price has gone up today. According to bullion experts, the precious metal will first correct to Rs 50,000 per 10 gm levels and then it will shoot up to the tune of Rs 56,000 per 10 gm in the next two to three months.

Speaking on the gold price forecast, Amit Sajeja, Associate Vice President at Motilal Oswal said, "Gold price rise today won't last long as weekend profit-booking may trigger any time and euro has also risen against the dollar. So, we may not see much buying right now and hence the yellow metal may fall to Rs 50,000 per 10 gm levels in the current fortnight. But that will be an ideal buying position and one can buy gold there for the target of Rs 56,000 per 10 gm in the next three months."

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Anuj Gupta, Deputy Vice President — Commodities & Currency research at Angel Broking said, "Fed has maintained its dovish stance on the interest rates and at the same time it has maintained that the US economy will continue to face the COVID-19 hurdle. Apart from that, US Presidential elections are fast approaching and Donald Trump will try to address his voters by giving anti-China statement. All this hints at good support for gold price in the next three months. So, once gold reaches around Rs 50,500 per 10 gm, investors should start buying for the three month time horizon keeping at least Rs 55,000 per 10 gm in mind."