Gold price today: May hit Rs 47,000 per 10 gm at MCX; experts give this money-making strategy for investors

Gold price is trading on a flat note today, though it gained around 0.45 per cent yesterday after making a close of Rs 46,531 per 10 gm at the Multi Commodity Exchange (MCX). Commodities experts are of the opinion that overall gold price is bullish and in the intraday, it is expected to climb up to Rs 47,000 per 10 gm on depreciating dollar against the major global currencies. They said that the rising US-China tension is also supporting the gold price at MCX.

Speaking on the gold price Anuj Gupta,  DVP Commodities and Currencies Research at Angel Broking said, “Today MCX gold prices are trading on a flat note, however, yesterday prices had increased by 0.45 per cent and closed at Rs 46,531 levels. Gold price today in the global market is trading around  $1715 per ounces. The tension between the US and China and weakness in the dollar are the supporting factor for the gold. Dollar Index is depreciating against major currencies and it is trading around 98.96 levels, which is the lowest level in the last 5 weeks. For intraday perspective, we expect a positive trend in Gold prices. Traders can buy MCX Gold June contract at Rs 46,300 to 46,400 levels, with the stop-loss of 45,950 levels for the target of 46900 to 47000 levels.”

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Giving idea about the gold price in international market Amit Sajeja, Associate Vice President at Motilal Oswal said, "Gold price in the international market is trading in the range of $1,680 to $1,750 per ounce. Currently, it is facing stiff resistance at $1,750 per ounce levels. Once, it breaks this level, we can expect gold price in the international market to climb up to $1,780 per ounce. But, due to the opening of the global economy after ease in lockdown, gold price has got some downtrend due to profit-booking. However, the gold price is still bullish and one should buy on every dip in the gold price."