Gold Prices Today: If you look at the historical return of the last 10 years in gold, in the month of August, on average, the yellow metal has given better returns every year. But this year August has been a very volatile month for gold. This month, gold made a record high of 56200 rupees per 10 grams, while gold has now broken down to about 4000 rupees per 10 grams from record highs. Sana closed at Rs 52016 per 10 grams on 21 August. Expert says that negative trade in gold may continue for a day or two. There is also a decline in the international market in gold. Experts say that investors should wait until the market becomes stable. The gold outlook is better in the long term.
The pressure created after returns up to 43% this year
After giving good returns in the year 2019, there has been a great boom in gold this year. On 31 December 2019, the price of gold closed at Rs 39108 per 10 grams on MCX. At the same time, gold reached Rs 56200 per 10 grams in the first week of August. That is, about 17 thousand rupees or about 43 percent return has been received on every 10 grams. However, gold has fallen by about Rs 4000 from record highs.
Why did you become a negative trend in gold
One reason for the fall in gold is that from the low of March, there is a recovery in the markets around the world. The Nasdaq and S&P 500 indices are reaching record highs in US markets. The domestic market has also improved 40 percent since the March low. There are also signs of improvement in corporate earnings. There are signs of improvement in the economy, which has led to a profit recovery in gold which has reached a record high. This trend may continue for a few days. Therefore, investors should wait for the trend to become stable in the region.
Gold may increase
Ajay Kedia, director of Kedia Advisory, says that in Friday’s business, gold has not been able to close to the level of 52500. Due to this, investors should do business today. Gold on Friday was Rs 51721 per 10 grams. If this level breaks downwards, then gold can go towards 51200. At the same time, gold can be weakened to 50650 levels when this level is broken. At the same time, gold breaks the level of Rs 52500 upwards, so today it can cross Rs 53000 level.
What to do for the long term
Anuj Gupta, deputy vice president (commodity and currency), Angel Broking, says that from a long-term perspective, gold will continue to gain momentum. The cases of Covid-19 have started coming again in some countries. The pressure on economies has not diminished. Due to this, shopping in gold will be seen now. The good thing is that gold has got some discount. If there is some further decline from here, there will be an investment opportunity. Talking about the long term, one should invest in gold when it comes to the price of Rs 48000. For this, target 55000 rupees to 56000 rupees till Diwali. Put a stop loss at the rate of Rs 45000.
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