Gold Outlook: Gold is once again becoming a safe haven for investors. Gold has crossed Rs 47000 per 10 gram on MCX, which is 7 weeks high. In the last 3 weeks, gold has gained about 5.40 percent and it has reached the price of Rs 47175. Experts are assuming that this trend of gold boom is going to continue. There are many factors present in the market which are supporting gold. Gold can soon cross the price of 50 thousand rupees per 10 grams. On the other hand, gold is still at a discount of around Rs 9000 per 10 grams from its record levels. In such a situation, it is the right time to invest in this precious metal.
In the international market too, gold has crossed a strong resistance of $ 1752 an ounce and is trading at $ 1762 an ounce. At the same time, in the physical market, gold has reached 49,200 per 10 grams in the country. Let us know that recently gold had weakened by 44000 rupees, after which continuous recovery is being seen in it. Gold has risen due to new wave of Corona virus, rise in crude, weakness in rupee, fear of rising global inflation and some softening in 10-year bond yields.
What to say about expert
Anuj Gupta, Vice President (Commodity and Currency), IIFL Securities, says that another wave of corona virus has once again raised concerns about the economy. In such a situation, gold has once again been strengthened as a safe haven. The 10-year bond yield in the US has come down to 1.567 per cent. At the same time, the rupee continues to be weak against the dollar. The rupee is at a 10-month low and may weaken further to 76 per dollar. These factors are going to provide support for gold. At the same time, there is a boom in crude in the international market. This is beyond the $ 66 a barrel and Brent may cross the $ 70 level further. Due to this, there is a fear of increasing global inflation. These factors are going to be present in the market right now. Akshaya Tritiya is also coming, due to which the demand for gold will increase.
How much will gold be expensive
Anuj Gupta says that if we talk on international lapel, gold may soon show a level of $ 1780 an ounce to $ 1800 an ounce. At the domestic level, gold can be seen in the range of 49000 to 50000 rupees per 10 grams in the next 2 months. If we talk till Diwali this year, gold can be expensive from Rs 52000 to Rs 53000.