Gold price today at Rs 47,300; top 10 brokers speak on outlook, say it may hit Rs 50,000 mark or more

Gold price today climbed to Rs 47,300 per 10 gm levels at Multi Commodity Exchange (MCX) while the Comex Gold is trading at around $1,730 per ounce. According to top 10 broker firms, the gold rally is further expected to continue and hit Rs 50,000 to Rs 53,000 per 10 gm levels by the end of 2020. They said that the precious metal is expected to remain investment haven as second wave of COVID-19 and weak US economic outlook predicted by the Federal Reserve is providing strong support to the yellow bullion.

According to the top 10 commodity broker firms — Kedia Commodity, Religare Broking, Kotak Security, Motilal Owal, Trustline, Angel Broking, Axis Securities, SMC Commtrade, Tarun Satsangi and Anand Rathi — gold price has made a strong base line at Rs 47,000 per 10 gm levels and by the end of current year 2020, it may go up to anything between Rs 50,000 per 10 gm to Rs 53,000 per 10 gm levels. 

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Out of these 10 broker firms, one (Kedia Commodity) has given the outlook for yellow metal by year end at Rs 53,000 per 10 gm, five (Religare Broking, Kotak Security, Motilal Oswal, Trustline, Angel Broking) have given its year end target of Rs 52,000 per 10 gm while the rest four (Axis Securities, SMC Commtrade, Tarun Satsangi and Anand Rathi) have predicted that the gold price will hit Rs 50,000 per 10 gm by the end of 2020. 

So, if we go by these 10 broker firms, we can expect that gold price will at least hit Rs 50,000 by the end of 2020 while there are chances that it may climb up to Rs 52,000 to Rs 53,000 per 10 gm.

Speaking on whether one can still buy gold at current levels, Sunil Kumar Katke, Head - Commodities & Currency at Axis Securities said, "Gold price has made strong base line at Rs 47,000 per 10 gm levels at MCX while Comex gold has made its baseline at $1,700 per ounce. So, by going through the 10 brokers prediction on gold price, I would like to advice investors to buy gold at current levels for the short-term target of Rs 48,000 to Rs 48,500 maintaining the stop loss at 47,150 levels." 

Asked about the triggers supporting gold price, Katke said that second wave of Coronavirus and weak outlook for the US economy predicted by the Federal Reserve is the major trigger for gold price rally in coming days.