Gold price rally halts; should you buy? Here is what experts predict for yellow metal rates now

Gold price today was slightly up from its close yesterday, but overall the rally seems to have taken a pause after various countries announced they will ease lockdown norms. Breakthrough news in Coronavirus vaccine development, especially Gilead Sciences' remdesivir drug in the US, has also helped stop rampaging gold prices. Commodity experts are of the opinion that such developments are expected to push up oil prices globally. They said that in coming fortnight, gold price in international market is expected to trade in the range of $1,650 per ounce to 1,750 per ounce while on MCX (Multi Commodity Exchange) it is expected to trade in the range of Rs 44,500 per 10 gm to Rs 47,000 per 10 gm.

Speaking on the gold price prediction for next fortnight, Amit Sajeja, Research Analyst at Motilal Oswal said, "In next fortnight, we need to see how the ease in lockdown in the US and many other countries takes shape and how they help the respective economy to recover. Though it would be a slow process, but development in this regard would fuel demand in crude oil prices leading to rise in the WTI Crude oil prices in the US. In my opinion, in this period, gold price in the international market will be range-bound in $1,650 per ounce to $1,750 per ounce levels while gold price MCX will be trading in Rs 44,500 per 10 gm to Rs 47,000 per 10 gm."

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Speaking on Gilead Sciences' remdesivir Coronavirus drug boosting investors' morale, Anuj Gupta said, "Recent Gilead Sciences' Coronavirus treatment trials have also brought a ray of hope among the people fighting the Coronavirus. Any breakthrough in Coronavirus vaccine development can prove end of COVID-19 pandemic. Recent tank in the gold price and it's tepid trade today has to be seen from these specs." He said that gold price rally was mainly due to the Coronavirus impact on the global economy. Any news of breakthrough in Coronavirus Vaccine will definitely put breaks on the gold price rally.

However, Amit Sajeja said that gold price is overall bullish and one should buy as and when it reaches around $1,650 per ounce levels in the international markets while at MCX, gold price reaching around Rs 44,500 to Rs 45,000 per 10 gm should be seen as a buying opportunity for gold investors.