Gold Price Today 22-03-2021: Yellow metal scales 45K; experts say it's good time to buy gold

Gold Price Today 22-03-2021: Gold price today shot up Rs 57 and hit Rs 45,008 per 10 gm at Multi Commodity Exchange (MCX).

Gold Price Today 22-03-2021: According to bullions experts, the yellow metal is range bound in $1,650 per ounce to $1,730 per ounce in the international market. Photo: PTI

Gold Price Today 22-03-2021: Gold price today shot up Rs 57 and hit Rs 45,008 per 10 gm at Multi Commodity Exchange (MCX). According to bullions experts, the yellow metal is range bound in $1,650 per ounce to $1,730 per ounce in the international market. They said that if the gold rate breaks $1,750 per ounce and sustains above this level, then there can be sharp rise in the precious yellow metal price as rising oil prices are adding fuel to the global inflation. In MCX terms, they said that gold price will showcase sharp rise once it sustains above Rs 45,600 per 10 gm levels.

Speaking on the rising gold prices Anuj Gupta, Vice President at IIFL Securities said, "Goldman Sachs sees the oil price pullback as a buying opportunity and forecasts Brent crude reaching $80 per barrel this summer even as the recent rally in prices takes a big breather. This rise in the oil prices will lead to rise in the global inflation that will support the gold price rally. Apart from this, there is uncertainty in the equity market as we have been witnessing sharp profit-booking in the global equity markets. This will also help gold scale in the first half of the commodity maket today."

Highlighting the major levels that a gold investor must keep in mind Amit Sajeja, — Research at Motilal Oswal said, "Gold price in the international market is range-bound in $1,650 to $1,730 per ounce levels. It is facing strong resistance at $1,750 levels. Once, it breaks this level and sustains above this mark, then we can witness fresh rally in the gold price. In terms of MCX, sharp gold price rally is expected above Rs 45,600 per 10 gm."

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Gold Price Prediction
Sajeja advised gold investors to acccumulate gold on every dips and wait for the yellow metal rally above Rs 45,600.

Anuj Gupta of IIFL Securities said that in next two months gold price in the international market may hit $1,780 to $1,800 per ounce levels while in the domestic market, gold rates are expected to go up to Rs 48,000 per 10 gm in the same time-horizon.

Silver Price Today
Anuj Gupta said that Silver price is also expected to rise and hit up to Rs 72,000 per kg. Silver price today tanked Rs 294 and hit Rs 67,453 per kg mark.

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