Gold price today climbs to record high of Rs 48,333; Check out this money-making formula

Gold price today made its lifetime high of Rs 48,333 per 10 gm at the Multi Commodity Exchange (MCX).

Gold price outlook is still bullish as the global interest rates have come close to almost zero and the second wave of Coronavirus is gaining momentum as the fresh cases are increasing at a rapid pace in the US, say experts. Photo: PTI

Gold price today made its lifetime high of Rs 48,333 per 10 gm at the Multi Commodity Exchange (MCX). According to commodities experts, this rise in the yellow metal is because of the global interest rates being close to zero and the likelihood of a second wave of Coronavirus getting stronger and the shadow of it is looming over the equity markets. They said that gold is still an investor's haven and in next fortnight we can witness gold price in the international markets hitting $1,815 per ounce levels while at the MCX, it may showcase Rs 50,000 per 10 gm-mark.

Speaking on the gold price outlook Amit Sajeja, Associate Vice President at Motilal Oswal said, "Gold price outlook is still bullish as the global interest rates have come close to almost zero and the second wave of Coronavirus is gaining momentum as the fresh cases are increasing at a rapid pace in the US." Sajeja said that gold has broken the resistance of $1,750 per ounce levels and now it is heading for the $1,815 per ounce levels. At the MCX, Sajeja said that we can expect gold prices to hit Rs 50,000 per 10 gm levels in the next fortnight.

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Recommending traders to buy the yellow metal Anuj Gupta, Deputy Vice President at Angel Broking said, “Today, gold prices again touched a new life-time high of Rs 48,333 per 10 gm levels at MCX. In the international market, it touched the 8 years high of $1,773 per ounce. Safe haven demand, investment demand due to Coronavirus pandemic and weakness in major economies boost the gold demand. We expect gold will trade higher further. It may test $1,800 to $1,830 levels soon. For traders, it is recommended to buy gold at Rs 48,000 to 48,100 levels, with the stop loss of Rs 47,700, for the target of Rs 48,600 to Rs 48,800 levels in next few trade sessions.”

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