Gold price today climbs to 8-year high! Commodity experts predict MCX gold rate to hit Rs 50,000 per 10 gm

Gold price today soared to an 8-year high when the spot gold price hit $1,721 per ounce mark in the international market. At Multi Commodity Exchange (MCX), gold rates rose to Rs 46,650 per 10 gm levels, which is also a record high price for the yellow metal. According to the commodity experts, this rise in gold price is mainly due to the Coronavirus caused uncertainty in the global markets that has made gold s safe haven investment destination for investors. They said that due to the nosediving equity returns. Gold is considered a relatively safer investment option.

Speaking on MCX gold rates, Anuj Gupta, Deputy Vice President — Currency & Commodity market at Angel Broking said, "Globally, gold price today hit its eight-year high due to the rise in Coronavirus spread globally that has led to equity returns nosediving. It has forced investors to move towards gold and a major example of this switch is rise in Gold ETF demand in the last one month going up by around 40 per cent." 

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Gupta said that MCX gold price in the domestic market is expected to hit Rs 50,000 in next one one month as there is no sign of recovery from the Coronavirus before this period. He said that MCX gold rate has strong support at Rs 43,000 per 10 gm levels an during profit-booking we may witness gold price sliding near to this levels. In such a scenario, one should look at this slide as an opportunity to buy as the gold price outlook is highly bullish.

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Elaborating upon the global gold price, Amit Sajeja, Research Analyst at Motilal Oswal said, "Global gold price is having strong support at $1,660 and it is expected to hit $1,780 in one month. Initially, the MCX gold rate will hit Rs 47,500 levels which we can witness any time, but after there can be some correction in the market. And this correction should be seen as an opportunity to buy as Coronavirus fear is expected to continue at least one more month and in this period gold is expected to emerge as heaven for global investors."