Gold price today climbs down to Rs 47,010; experts reveal money-making strategy

Gold prices today made a sharp correction to the tune of Rs 250 per 10 gm to around Rs 47,010. However, if we go by the commodities' experts, it was more due to  profit-booking than anything else. The yellow metal price outlook is still bullish as the recent India-China border standoff has further boosted the precious metal outlook. They are of the opinion that amid global economic uncertainty and depreciating strong currencies, gold rates may further scale up to Rs 48,200 per 10 gm by this weekend itself.

Speaking on the gold price outlook, Anuj Gupta, Deputy Vice President at Angel Broking said, "Gold price has come near Rs 47,000 per 10 gm at the Multi Commodity Exchange (MCX), which is an ideal level to buy the yellow metal. My suggestion for the gold investors is to buy gold at current levels for the target of Rs 48,200 per 10 gm by the end of current week." 

However Gupta said that one must maintain the stop loss at Rs 46,500 levels. 

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On his outlook for gold price Amit Sajeja, Associate Vice President at Motilal Oswal said, "Outlook for gold is still positive. I would advise investors to maintain buy on dips strategy." Talking about the yellow metal rates in MCX terms, Sajeja said that in the coming fortnight, one can witness gold prices in the international market breaking the $1750 per ounce hurdle as the possibility of a second wave of Coronavirus is having its impact on the equity markets, which is good for the gold price. 

Sajeja said that gold price at MCX may touch Rs 48,200 per 10 gm levels in the coming fortnight.