Gold Price Today 10-03-2021: Has Yellow metal rate bottomed out? This money-making strategy is just what you need to know

Gold Price Today 10-03-2021: After falling below Rs 44,000 per 10 gm price on the Multi Commodity Exchange (MCX), gold price has shown some short-covering and today its price is around Rs 44,800 per 10 gm. According to bullion experts, gold price has probably bottomed out. They have some gold price trend tips for investors too. They say buyers should start accumulating gold till it sustains above $1,650 per ounce in the international market. They also said that there can be sharp recovery in the gold price once it breaks $1,750 per ounce resistance and sustains above $1,760 per ounce levels in the international markets.

Speaking on the gold price outlook in the long-term, Amit Sajeja, Vice President — Research at Motilal Oswal said, "It seems that the gold price has probably bottomed out as we saw the precious yellow metal going down near its strong support of $1,650 per ounce in the international market. However, there is strong short-covering witnessed in gold, which is helping it recover the lost ground in the last week."

Sajeja advised physical gold investors to take positional calls when gold breaks $1,750 per ounce resistance and sustains above $1,760 per ounce levels. He advised investors to maintain a 'buy on dips' strategy on every fall at around $1,660-70 per ounce levels and book profit at $1,720-30 per ounce levels. On gold price MCX terms, Sajeja advised investors to go for aggressive gold buying once it sustains above Rs 45,600 per 10 gm mark.

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On what are the triggers that will fuel gold price rally in next few months, Anuj Gupta, Deputy Vice President — Commodities & Currency Trade at Angel Broking said, "On rising crude oil prices and geo-political tension in the Middle East further fuelling the crude oil prices globally will lead to rise in global inflation that is the major support for gold price. But, at the same time higher US treasury yield and equity markets giving massive returns after recovery from the COVID-19 hit, people are fishing out money from the gold investments and pumping it into the equity markets. So, the rise in gold won't be that much sharp that we witnessed in between March 2020 to September 2020. so, gold investors are advised to know their levels and remain invested with those levels in mind."