Gold Price today 13-04-2021: Expert reveals target of Rs 46,350; Rs 50,000-mark eyed

Gold Price today 13-04-2021: Anand Rathi Securities Fundamental Analyst Jigar Trivedi says that yesterday MCX Gold slipped as strong U.S. Treasury yields took sheen off the yellow metal, with optimism about a quick economic rebound weighing on prices further.

Anand Rathi said that Treasury yields in the United States have stayed higher after a successful three-year note auction and ahead of important data releases this week, including consumer price inflation.  A survey published by the Federal Reserve Bank of New York showed U.S. consumers raised their inflation rates again in March following gradual increases in recent months, and they became more positive about the job market.

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Meanwhile, the safe haven investment demand has continuously fallen in April, says Anand Rathi. The holding at the SPDR GOLD ETF fell from 1,037 tonnes as on 31st March to 1,026 tonnes as on 12th April. In the absence of significant fundamental drivers, prospects for an economic boom, which was underpinned by the US Federal Reserve’s continued ultra-easy monetary policies and increased vaccine rollouts, dented most of the appetite for haven assets.

Major Analysts believe that while volatility will continue in the gold prices, positionally gold prices are neither seeing big fall nor big rise. However, if equity markets fall sharply there could be some defensive buying coming in gold which can take gold price towards Rs 50,000 mmark.