Gold Price Today 07-04-2021: Golden opportunity for gold investors as yellow metal poised for BIG BREAKOUT, say experts
Gold Price Today 07-04-2021: Gold price yesterday surged Rs 566 or 1.25 per cent in the intraday trade at Multi Commodity Exchange (MCX) and closed at Rs 45,915 per 10 gm.
Gold Price Today 07-04-2021: Gold price yesterday surged Rs 566 or 1.25 per cent in the intraday trade at Multi Commodity Exchange (MCX) and closed at Rs 45,915 per 10 gm. In the international market too, Gold price today has shot up $8.43 and hit 1,736.88 per ounce. According to commodity experts, gold price is expected to remain bullish as the yellow metal is getting support from the weak dollar and lowering US bond yield in the international market. Apart from this, rising inflation due to therise in oil prices is also aiding the gold price rally. They said that the precious yellow metal has strong resistance at $1,745 to $1,750 levels and once it breaks this level it may go up to $1,780 to $1,800 per ounce levels. In the MCX terms, gold price in that case will go up to Rs 48,000 per 10 gm.
Speaking on the gold price rally and major triggers involved in this yellow metal shine Jigar Dharamshi, Sr. Manager at Motilal Oswal said, "Gold rally is expeted to continue till gold price is above Rs 45,000 per 10 gm. In the international market, gold price rally is caused by weak US Dollar (USD) and lowering US Bond Yield. So, this rally in the gold price is mainly from the international markets and hence we can expect these reasons to continue for the next week and we can expect the gold price to hit $1,800 to $1,820 per ounce provided it breaks its immediate hurdle at $1,745 to $1,750 per ounce levels."
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Standing in sync with Jigar Dharamshi of Motilal Oswal; Anujn Gupta, Vice President — Commodities & Currrencies at IIFL Securities said, "Overall Gold Price sentiment is positive and every dip should be seen as a buying opportunity. Gold price in the international market is facing resistance at around $1,750 per ounce levels and once it breaks this level, it will soon hit $1,800 per ounce mark. At MCX, we can expect gold price to go up to Rs 48,000 per 10 gm by the end of June expiry." Gupta advised gold buyers to accumulate on every big dip in the gold price.
For today, traders can buy gold at Rs 45,700 levels with the stop loss of Rs 45, 400 for the target of Rs 46,400, said Anuj Gupta of IIFL Securities.
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