Gold rate witnessed profit-booking today as physical market is trying to adjust gold prices with recent rise in futures market. Gold futures contract for April 2023 opened higher on Multi Commodity Exchange (MCX) 59,300 per 10 grams level but profit-booking was seen within few minutes of opening bell. In the international spot market, gold opened higher but soon came under profit-booking pressure and declined to the day’s low of $1,969.54 an ounce.
According to commodity market experts, gold prices are booking profits after a sharp rise in the yellow metal. He added that the decline is due to physical market adjustments along with the recent rise in futures markets. Once the gap is bridged, we can expect a fresh round of rally in the precious bullion metal and the overall outlook for gold remains bullish. He said that gold prices are expected to remain in a range till Akshaya Tritiya next month. Experts said that in the international market, gold prices will trade in the range of $1,920 to $2,010, while it is expected to consolidate in the range of $2,000. from 57,500 60,500 per 10 gram range till the next trigger or before Akshaya Tritiya.
There is still pressure in the price of silver and there is a boom in the white metal. 70,285 per kg on MCX, logging 126 per kg loss within hours of market opening.
trigger for gold price
Commenting on the reason behind the fall in gold rates today, IIFL Securities Vice President – Research Anuj Gupta said, “In the recent sessions, gold price witnessed a sharp uptrend which created a huge gap between physical and future market Hence, this fall in gold. The price should be seen as a price adjustment by the physical market along with the future market. Also, the bullion market is expected to remain sideways as the bullion market as of FY 2022-23 Market traders and investors are busy closing their annual books. End of story.”
Anuj Gupta said gold price on MCX is expected to remain firm from 57,500 60,500 range while in the international market, it is expected to move in the range of $1,920 to $2,010 per ounce. He advised investors to continue buying on dips as the overall outlook for gold remains bullish.
Advising gold investors to avoid taking any short positions, Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investmart said, “Due to the prospect of a financial crisis, there has been an increased demand among investors for safe haven investments, resulting in The brightness has increased. The price of gold and silver is increasing continuously.
“Precious metals likely to remain bullish this week. Gold has support 58,000 per 10 grams and is at resistance 60,000 level. Support is close in Silver 68,000 per kg and resistance is near 72,000 level,” Nirpendra Yadav said.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of o2help. We advise investors to do due diligence with certified experts before making any investment decision.
