Gold Price Today 08-04-2021: Golden opportunity for gold buyers as yellow metal poised for big jump by Diwali 2021

Gold Price Today 08-04-2021: On account weakness in Indian National Rupee (INR), lowering US bond yield and rising cases of COVID-19 both in India and overseas, gold price yesterday rose Rs 425 (0.93 per cent) at MCX (Multi Commodity Cxchange) and closed at Rs 46,344 per 10 gm. According to Commodity experts, gold price outlook is positive and one should continue following 'buy on dips' strategy. They said that by this Diwali 2021, gold price may go up to Rs 52,000 per 10 gm at MCX wile in the international market, precious yellow metal price may go up to $1,900 per ounce.

Speaking on the gold price outlook Anuj Gupta, Vice President — Commodities & Currencies at IIFL Securities said, "In india we have witnessed a sharp appreciation in gold price price in the physical market, which is due to the rise in demand led by upcoming marriage season. But, in the international market too, weakness in dollar and decreasing bond yield is supporting the yellow metal price rally."

Gupta said that gold price is facing hurdle at $1,750 per ounce. Once, it breaches and sustains above this level, we can soon see gold price reaching up to Rs 1,800 per ounce in next two months. In terms of MCX, gold price is expected to hit Rs 48,000 by the end of June expiry.

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However, when asked about the gold price target in long-term Anuj Gupta said, "By Diwali 2021, gold price may go up to Rs 52,000 per 10 gm at MCx while in the international market, we can see gold price gooing up to $1,900 per ounce."

Unveiling various levels that a gold investors must keep in mind Amit Sajeja, Vice President — Research at Motilal Oswal said, "One can keep on accumulating gold on every big dip as gold price once sustains above Rs 45,500 to Rs 45,600 per 10 gm levels, it will soon hit Rs 48,000 per 10 gm levels."