Gold prices on the Multi-Commodity Exchange (MCX) rose £ 74 on Friday, ending at £ 47,810 and recording a weekly rise of £ 355 per 10g.
However, the price of gold on the MCX today is around £ 56,200 per 10g, below its lifetime high of around £ 8,400. According to commodity market experts, the gold price of the MCX has been declining for the past year and a half after hitting a lifetime high in August 2020.
They said rising oil prices are causing global inflation and are expected to cause rising precious metal prices in the near future.
According to commodity and FX trading experts, spot gold prices are trading in the range of $ 1780 to $ 1835 per ounce and could rise to $ 1900 to $ 1910 per ounce above the current hurdle of $ 1835 there is. Crude oil prices pushing up gold prices .We will talk about triggers that may support the rise in gold prices in the near future.
Anuj Gupta, Vice President of Commodities and Currency Trading at IIFL Securities, said: The future US dollar will reach. In that case, the local currency and major world currencies are expected to weaken, and the Indian Rupee (INR), which has risen about 74 against the US dollar (USD) in the past two weeks, could fall from almost 74.50 to 75.
Therefore, both domestic and international factors show a strong bullish move in gold prices in the short term.
Gold Price Outlook Reflects Anuj Gupta’s view. Spot gold prices have remained in the range of $ 1780 to $ 1835 per ounce for the next few weeks, and we expect spot gold prices to technically break out to the $ 1835 level soon.
After this breakout, gold prices in the international market could rise to the level of $ 1,900. -We have $ 1910 an ounce next month or two months as the market has already bid on a rate hike announced by the US Federal Reserve.
Speaking of the outlook for gold prices in the domestic market. Anuj Gupta of IIFL Securities said: Therefore, short-term gold investors can buy gold at the current market price and continue to accumulate above £ 47,450 per 10g until then, with a stop loss of 47,200 to reach the short-term goal of £ 48,200 per 10g. Keep in pounds.
However, medium-term investors with a 23-month period are advised to start accumulating at current levels and maintain stop-loss at £ 46,500. The gold price of the MCX could soon reach the £ 48,700 level.
When precious metals clear this important hurdle, they are expected to rise from £ 49,500 to £ 50,000 by the end of March 2022.