Gold price alert! What's the market future of yellow metal? Should you invest? Expert predicts this

After the consolidation of last 2 weeks, Gold on Thursday was able to break and trade above Rs 46000 levels. At around 12:10 pm the the June Gold Futures was trading at Rs 46150, up by almost 0.4 per cent from the previous close on Wednesday. In international market Gold prices are trading at USD 1715 per ounce levels

Expectation of announcement of negative interest rates by Federal Reserve Chairman Jerome Powell is supporting the cause of the yellow metal, expert Anuj Gupta said. Source: Reuters

After the consolidation of last 2 weeks, Gold on Thursday was able to break and trade above Rs 46000 levels. At around 12:10 pm the the June Gold Futures was trading at Rs 46150, up by almost 0.4 per cent from the previous close on Wednesday. In international market Gold prices are trading at USD 1715 per ounce levels.

Speaking on the matter, Anuj Gupta, DVP Commodity and Currency Research Angel Broking told Zee Business said that the expectation of announcement of negative interest rates by Federal Reserve Chairman Jerome Powell is supporting the cause of the yellow metal. The expectations have kept the metal in 'safe haven'. He further said that this has pushed the demand of gold as a viable investment and a safe asset class.

He said that the existing movement of the precious metal has been as per the expectations and it may remain in positive territory in future.

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Gupta said that he expects Gold Futures to trade upwards towards Rs 46500 to 46700 levels. As far as the intraday trading is considered he expects the metal to hover around 46100. He puts the stop loss at 45800 levels with a target price between Rs 46600 and 46700 levels. In the international market gold can test USD 1730 to USD 1740 levels, he further said.

Among other Gold ETF instruments, Gold Guinea was trading at Rs 37388 (lot size 8 gm) up by 0.3 per cent while Gold Petal was trading at Rs 4632 per gram also up by 0.3 per cent.

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Gupta had recently told Zee Business that gold as an investment option was getting a good traction as of now. Heaping praise on Gold ETF (Exchange Traded Fund), Gupta had said this particular instrument, alone, has got a very good response in April. The April month saw a record buying by the investors, with 170 tn of buying activity observed taking the overall selling to 3355 tn. Gupta is also a Commodity and Forex market expert.

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