Gold price today: Yellow metal crosses Rs 47,000-mark—Here is what expert recommends

MCX Gold June Future gained Rs 562 and was trading on 47170.00 per 10 gram before closing on April 15. MCX Gold June Future was up 1.21 per cent from its previous closing on Wednesday (April 15). Earlier, the yellow metal opened on Rs 46,680.00 and went on hit Rs 47, 279 per 10 gram on the Multi Commodity Exchange (MCX) on Thursday. Meanwhile, gold scaled $1766.05 per ounce after opening for $1763.31 per ounce. 

See Zee Business Live TV Streaming Below:

Gold and commodity expert has suggested buy on dips strategy, saying this could be beginning of another round of upside.  

Domestic gold can touch a level of Rs 48,500 per 10 gm in the short term, while international gold could also be seen reaching $1810 per once in couple of weeks, said Amit Sajeja, Motilal Oswal Vice President, Research, Commodity and Currency. 

"The precious metal has found strong support at 43,000 level and any dip from the current rate should be considered as an opportunity to buy. In six months-time, we may even see domestic gold scaling 50,500 to 51,000 mark too." 

As per Motilal Oswal report, short term target for domestic gold is Rs 50,000 per 10 gm and Rs 56,000 from one year perspective.