Gold Price Today 12-03-2021: Has yellow metal rate bottomed-out? Time to buy now?

Gold Price Today 12-03-2021: Gold Price MCX (Multi Commodity Exchange) has been losing its shine from September 2020 and in the last week it hit below Rs 44,000 per 10 gm. However, much to the relief of investors, gold has been witnessing some short coverings and has been able to regain some of the lost grounds in recent times. Gold price today at MCX is Rs 79 up at Rs 44,871 per 10 gm. According to bullion experts, gold price has probably bottomed out and advised investors to 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 to its strong support of $1,650 per ounce in the international market. However, there is strong short-covering witnessed in gold helping it recover the lost ground in the last week."

Sajeja advised physical gold investors to take positional calls when the 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, "Rising crude oil prices and the geo-political tension in the Middle East requires special attention of the bulls. These factors will help gold prices to rise further as there can be some rise in the global inflation due to the rise in crude oil prices.