Gold price today near Rs 54,000 per 10 gm; Prediction at Rs 60,000!

Gold price today: Yellow metal rate has surged by around Rs 1,700 per 10 gm at the MCX in the last two days while silver price shot up by nearly Rs 4,000 per kg in the same time period. This comes on the back of a shock plunge in recent days and will soothe the frayed nerves of investors. However, the reason why gold prices had fallen recently only to recover thereafter can be put down to plain and simple profit-booking motive of investors after the historic jump saw rates eclipsing all-time highs virtually on a daily basis at that time. 

Why Gold Price Is Rising Now
Zee Business Commodity Editor Mrituanjay Kumar Jha said that gold price is rising because the profit-booking phase after the yellow metal's record rally is over and that this precious metal is still an investor's haven.

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Gold Price Prediction
Speaking on what experts are saying about gold price prediction, Mrituanjay said, "Various experts are of the opinion that reasons that are boosting gold price are still very much there - cases of Coronavirus are still on a rise globally and there is no concrete development in Coronavirus vaccine development." 

He said that Russia has claimed to have developed COVID-19 vaccine but there are serious doubts being raised by experts about it. So, we are still at the same spot when it comes to Coronavirus vaccine development.

Gold Price At Rs 60,000
The Zee Business Commodity Editor said that experts are mutually agreed that gold price may hit Rs 60,000 per 10 gm by Deepawali 2020 or may be even before the arrival of Deepawali festival this year.

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Silver Price Prediction And Should You Invest
However, Mrituanjay said that experts are divided over silver price prediction as it is comparatively more volatile than gold price. He said that experts' opinions suggest that one should invest in gold and avoid silver as simple profit booking may lead to huge correction in the silver price.