Gold Price Today: Outlook remains strong as marriage season, Akshaya Tritiya approach, says expert; gives gold rate forecast

Gold Price Today: Despite two continuous corrections in Gold price, the outlook remains strong for the yellow metal, says analyst Anuj Gupta. With the marriage season ahead of us and Akshaya Tritiya falling early next month, the demand for gold is expected to remain strong, Gupta said.

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that Gold rate is expected to increase over the next six months.

He advised investors of physical gold and silver to buy saying that gold price forecast remains strong. In Delhi gold price today was around Rs 53300 per 10 gram. Meanwhile, Silver price today was around Rs 70000 per kg.

Gupta said that Gold has risen by Rs 2500 per 10 gram over the period of one month. As for Silver, the prices have gone up by Rs 3000 during this period.

Gupta said that inflation, Ukraine Russia war will lend strength to the Gold price in the near term while strength in US Dollar would keep it on the edge.

He, however said that the gold rate forecast remains strong and Gold could test levels around Rs 56000 per 10 gram over the next 5-6 months, surpassing its previous all time highs of 2020. Silver could test levels around Rs 75000 during this period, the VP said.

See Zee Business Live TV Streaming Below:

Ashaya Tritiya will be celebrated on 3 May. It is considered as an auspicious occasion to buy gold and silver.

Gold prices eased on Wednesday to their lowest in nearly two weeks, as expectations of an aggressive tightening of U.S. monetary policy buoyed the dollar and Treasury yields, denting the appeal of zero-yielding bullion Reuters reported.
Spot gold was down 0.2% at $1,946.92 per ounce by 0949 GMT, after hitting its lowest since April 8. U.S. gold futures fell 0.4% to USD 1,950.80, the report said.

"We are seeing higher yields, we are still seeing much more hawkish rhetoric from certain central bankers within the Fed... That`s taken some of the wind out of gold`s sails and triggered the corrective move that was arguably due," said Craig Erlam, senior market analyst at OANDA.

On Tuesday, gold prices fell as much as 1.8% as hawkish comments from U.S. central bank officials, including St. Louis Federal Reserve Bank President James Bullard, propelled the dollar and 10-year Treasury yields to multi-year highs.

Gold is highly sensitive to rising U.S. interest rates and Treasury yields, which increase the opportunity cost of holding the non-yielding bullion while boosting the greenback in which it is priced, this report said.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)