Gold Price Today 11-03-2021: Check out this money-making strategy for buyers as selling pushes rates down

Gold Price Today 11-03-2021: After showcasing some short covering from below Rs 44,000 per 10 gm levels at Multi Commodity Exchange (MCX), the gold price today went down Rs 58 per 10 gm and hit Rs 44,799 per 10 gm. Photo: Pixabay

Gold Price Today: After showcasing some short covering from below Rs 44,000 per 10 gm levels at Multi Commodity Exchange (MCX), the gold price yesterday (closing price on 10th March) went down Rs 58 per 10 gm and hit Rs 44,799 per 10 gm. According to bullion experts, selling pressure in gold price that began in September 2020 is probably in the transition phase now. They said that the precious metal price has probably bottomed out and advised investors to start accumulating gold till it sustains above $1,650 per ounce in the international market. They also said that there can be sharp recovery in the gold price once it breaks $1,750 per ounce resistance and sustains above $1,760 per ounce levels in the international markets.

Speaking on the gold price outlook in the long-term Amit Sajeja, Vice President — Research at Motilal Oswal said, "It seems that the gold price has probably bottomed out as we saw the precious yellow metal going down near its strong support of $1,650 per ounce in the international market. However, it has recovered the lost ground in the last week."

Sajeja advised physical gold buyers to take positional calls when the gold breaks $1,750 per ounce resistance and sustains above $1,760 per ounce levels. He advised investors to maintain a 'buy on dips' strategy on every fall at around $1,660-70 per ounce levels and book profit at $1,720-30 per ounce levels. On gold price MCX terms, Sajeja advised investors to go for aggressive gold buying once it sustains above Rs 45,600 per 10 gm mark.

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On what are the triggers that will fuel gold price rally in next few months; Anuj Gupta, Deputy Vice President — Commodities & Currency Trade at Angel Broking said, "Rising crude oil prices and geo-political tension in the Middle East is fuelling the crude oil prices globally that has led to rise in global inflation. This rise in global inflation is the major support for gold price today. But, at the same time higher US treasury yield and equity markets giving massive returns after recovery post-COVID-19 pandemic outbreak, people are fishing out money from the gold investments and pumping it into the equity markets. So, the rise in gold won't be that much sharp that we witnessed in between March 2020 to August 2020. So, gold investors are advised to know their levels and remain invested with those levels in mind."

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