Gold Price Today 25-03-2021: Golden intraday opportunity for yellow metal buyers, commodity experts unveil this strategy to make money

Gold Price Today 25-03-2021: On account of weak rupee and profit-booking in the global equity market, the gold price today rose Rs 216 and hit Rs 44,862 per 10 gm at MCX (Multi Commodity Exchange).

Gold Price Today 25-03-2021: According to commodity experts, the yellow metal price is overall bullish and has taken support at $1,720 per ounce in the international markets. Photo: Pixabay

Gold Price Today 25-03-2021: On account of weak rupee and profit-booking in the global equity market, the gold price today rose Rs 216 and hit Rs 44,862 per 10 gm at MCX (Multi Commodity Exchange). According to commodity experts, the yellow metal price is overall bullish and has taken support at $1,720 per ounce in the international markets and now it is heading towards $1,770 to $1,780 per ounce levels. In MCX terms, they said that the gold price outlook for intraday is positive and it can go up to Rs 45,200 by today evening and advised gold investors to buy gold on any dip from yesterday close.

Giving gold price outlook Anuj Gupta, Vice President at IIFL securities said, "Gold price today is expected to hit Rs 45,200 at MCX and it has strong support at Rs 44,400. So, any dip from its previous day close will be a good opportunity to buy gold as the gold price in the international market has taken strong support at $1,720 per ounce levels." Gupta said that gold price in the international market is expected to hit $1,770 to $1,780 in next one to two months.

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INR vs USD
Speaking on the reason for rise in gold price Gupta said that due to the rising cases of COVID-19, there is global selloff in the equity markets and Indian National Rupee (INR) has also gone weak against the US Dollar (USD). So, due to the weak equity markets and weak national currency, gold price is expected to remain positive.

On what next once gold price hits Rs 45,200 target; Amit Sajeja, Vice President — Research at Motilal Oswal said, "Gold price has big resistance at Rs 45,500 at MCX. Once it breaks this level then it will soon become highly bullish and it may soon showcase Rs 48,000 levels. So, my advice to the gold investors is to accumulate on every dip in gold price."

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