On Friday, MCX Gold closed at Rs 47,455 per 10 grams with a gain of 0.01 per cent. However, yesterday’s rally on MCX Gold has never been able to make up for the fall in the last week. If compared to last Friday’s closing price of Rs 48,083 per 10 grams, then currently the price of gold has fallen by Rs 628 per 10 grams, which is its lowest level in the last two months. Looking at the international market, the spot price of gold is seen at $ 1795.92 an ounce. It has seen a decline of about 2 percent this week.
Talking about the reason for the weakness in gold prices Anuj Gupta of IIFL Securities It says that the rise in US bond yields, the strengthening of the dollar against the world’s important currency in the forex market and the US Fed’s tougher outlook on interest rates is causing pressure on the price of gold.
He added that the recent rise in US bond yields has strengthened the dollar against other currencies around the world, creating better opportunities for gold investors to infuse money into other asset classes, which could see money coming out of gold. Used to be.
Gold investors are advised by Anuj Gupta to keep an eye on the US economy data coming in the new week starting Monday. This will give an idea whether the decision to increase interest rates will not be taken in the US Fed Meet to be held this month itself. He said that if the US data shows signs of rising inflation, then the US Fed may take some steps on bond tempering, which may lead to a sell-off in gold. However, if there is any news related to inflation control, a rally in gold can be seen.
This multibagger penny stock worth Rs 0.5 has made Rs 1 lakh Rs 50 lakh in 2 years, let’s have a look at it
Anuj Gupta says that till the time the US economy data comes, a sell strategy should be adopted on the rise in gold. In the spot market, there will be a selling opportunity at the level of $ 1815-1820 per ounce. For this, put a stop loss of $ 1835 per ounce. Profit booking advice would be around $1780-1785 per ounce level. Avoid the strategy of buying in the fall until the US economy data comes.
For those investing in gold in the domestic market Sumeet Bagdia of Choice Broking It is advised that MCX Gold is seeing strong support at 46,500 while it is showing resistance at Rs 48,500. On the upside, only after breaking the level of Rs 48,500, it will see further gains.
.