Gold Price Today: Right time to buy yellow metal at below Rs 50,000; sharp rise expected, say experts

Gold Price Today: The precious yellow metal price yesterday crashed to the tune of Rs 1,700 per 10 gm and went below Rs 50,000 per ten gm while the silver price nosedived over Rs 6,000 per kg and hit Rs 61,000 per kg mark.

Gold price was widely expected to go below Rs 50,000 and those who are looking for higher gains and have surplus amount for investing, this is the right time to start accumulating gold in their portfolio, say experts. Photo: PTI

Gold Price Today: The precious yellow metal price yesterday crashed to the tune of Rs 1,700 per 10 gm and went below Rs 50,000 per ten gm while the silver price nosedived over Rs 6,000 per kg and hit Rs 61,000 per kg mark. However, if we go by the views of bullion experts, this is not the time to panic but to show courage and make money from gold investment. They said that gold price may go down further up to Rs 49,000 but it may happen that this level may not come. So, one should start accumulating the precious bullion below Rs 50,000 mark and continue averaging on every Rs 500 to Rs 600 per 10 gm slide.

Speaking on the gold price forecast; Anuj Gupta, Deputy Vice President — Commodities & Currencies at Angel Broking said, "Gold price was widely expected to go below Rs 50,000 and those who are looking for higher gains and have surplus amount for investing, this is the right time to start accumulating gold in their portfolio. One should buy gold at around Rs 49,700 to Rs 49,800 per 10 gm level and book profit at around Rs 52,500 to Rs 53,000 per 10 gm." Anuj Gupta said that once the consolidation gets complete, gold price will show a sharp rise and hit Rs 53,000 per 10 gm at MCX in one week to two weeks time.

Highlighting upon the strategy to mint money from the gold investment, Amit Sajeja, Associate Vice President at Motilal Oswal said, "Buying gold below Rs 50,000 has downside risk of Rs 2,000 while upside reward can be the lifetime high if held for long. In my opinion, one should continue accumulating gold on every Rs 500 to Rs 600 dip once gold price sustains below Rs 50,000."

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Sajeja said that once the consolidation gets complete in gold price, there will be sharp appreciation in the yellow metal as all the triggers that lifted gold price to its lifetime high still exist. However, he said that rather than booking profit at Rs 52,500 to Rs 53,000, one should hold it till Deepawali or may be for the next three month, gold price may once again scale to its lifetime high in this time-horizon."

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