Gold prices are falling. Experts say this is a good opportunity for investors in the yellow metal

The price of gold yesterday at Multi Commodity Exchange (MCX) plunged 318 and closed at 48,880 in levels of 10 g. However, based on the opinions of commodities experts, the correction in the precious metal is good news for bullion investors. They said the price of gold is consolidating and could go up to 48,500 in 10g levels. Bullion experts added that any drop in the precious metal should be seen as a buying opportunity, as the price of gold can go up to 53,500 in 10g levels by the end of 2021.

Speaking on the outlook for the gold price, Amit Sajeja, vice president of research at Motilal Oswal, said: “The gold price is seeing consolidation and the trend is expected to continue over the next month. until 48,300 to 49,500 per 10 g. However, I would advise gold investors to view each correction as a buying opportunity, as the medium-term gold price outlook looks positive and can go as high as 51,000 per 10g in the medium term. “

Regarding the reason for the consolidation of the gold price, Amit Sajeja of Motilal Oswal said, “The main reason for the consolidation of the yellow metal is the consolidation of the US dollar (USD). Currently the US dollar is on the side and trades between 89.50 and 91 marks on the currency market. “

Suggesting that gold investors maintain their buying strategy if it falls, Anuj Gupta, vice president of commodities and currency trading at IIFL Securities, said: I would advise gold investors to keep buying if there is a downturn. trough and keep accumulating gold until it trades above 48,500 per 10 g at MCX. “

On the gold price target from a long-term perspective, Anuj Gupta of IFL Securities said, “The price of gold in the international market is around $ 1,880 per ounce and it is expected. range around $ 1,850 to $ 1,860 an ounce. Currently, the price of the yellow metal is limited to a range. but after breaking the immediate upper hurdle of $ 1,880 to $ 1,900, it can reach $ 1,960 an ounce. “

On forecasting the price of gold in the domestic market, Anuj Gupta of IFL Securities said: In the domestic market, the price of gold can go up to 53,500 by Diwali until the end of the year. He said that after July 15, 2021, a gold rally can be expected, as demand for gold will start to rise and eventually peak by Diwali 2021 at the end of the year.

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About Natalee Broderick

Natalee Broderick

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