Gold price today: US-China tension on Hong Kong boosts yellow metal

Gold price today showed fresh rally after correcting for the last three consecutive trading sessions. According to the gold and bullion market experts, gold price is rising because of the China-US tension caused by the Hong Kong autonomy issue. They said that in the intraday trade session, gold price may hit Rs 47,300 levels as coming three days (Saturday, Sunday and Monday) will be holiday. For next week opinion is leaning in favour of gold price in international market hitting hit $1,780 mark once it sustains above $1,750 per ounce levels. In domestic market, if the gold price sustains above $1,750 then gold price MCX may hit Rs 48,200 per 10 gm in the next week.

Speaking about the gold price for immediate-term and short-term, Anuj Gupta, Deputy Vice President at Angel Broking said, “Today gold prices have increased sharply almost 1.30 per cent to Rs 47,000 levels again. In international market gold has also increased by 0.80 per cent to $1736 per ounce. Rising tension between US and China as China plans controversial national security laws in Hong Kong support the gold prices. Although the increased jobless claims in US and dovish data also is supportive for the Gold price. We are expecting that gold may test $1760 to 1780 per ounce soon in international market.”

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Amit Sajeja, Associate Vice President, Research at Motilal Oswal said, "Overall the gold price is bullish as the fresh Hong Kong tension between China and the US is supporting gold price. Apart from this, weak economic outlook for majority of the countries globally still exists. So, in immediate-terms, I am expecting gold price to touch $1750 per ounce levels in the international market while in the domestic market, gold price MCX may hit Rs 47,300 per 10 gm levels." 

For the long-term period, Sajeja said that in international market, gold price is facing strong resistance at $1,750 per ounce levels. Once it breaks this levels, gold price in international market may touch $1,780 per ounce levels while in the domestic market, gold price may hit fresh high of around Rs 48,200 per 10 gm levels.