Gold price today tanks, but expert eyes Rs 55,000 mark by this period

Gold price in the intraday trade session today crashed by around 1 per cent to Rs 52,435 per 10 gm while silver price nosedived nearly 3.5 per cent to Rs 68,613 per kg at the Multi commodity Exchange (MCX).

According to the commodity experts, the yellow metal has strong support at $1,865 per ounce while it is facing resistance at $1,980 per ounce levels. Photo: PTI

Gold price in the intraday trade session today crashed by around 1 per cent to Rs 52,435 per 10 gm while silver price nosedived nearly 3.5 per cent to Rs 68,613 per kg at the Multi commodity Exchange (MCX). According to the commodity experts, the yellow metal has strong support at $1,865 per ounce while it is facing resistance at $1,980 per ounce levels. They said that due to the consolidation happening in the asset, a fresh rally with 'limited speed' can't be negated.

Speaking on the gold price outlook, Amit Sajeja, Associate Vice President at Motilal Oswal said, "After correction in the gold price from it's all-time high, the yellow metal is showing some signs of recovery and it has consolidated between $1,865 per ounce to $1,980 per ounce levels. Now, it's yet to make one more high in the international market which is $2,120 per ounce levels."

Sajeja said that gold price MCX may hit Rs 58,000 per 10 gm in one month's time as consolidation has happened after the long 15 days 'sweet spot in gold and silver prices.

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Advising gold and silver investors to stay patient as the rise in yellow and white metal will be 'limited' now; Anuj Gupta, Deputy Vice President at Angel Broking said, "Now, gold and silver prices will rally to an extent where the physical bullion market will be able to digest. So, investors need to remain patient as all those triggers that fuelled gold and silver prices are still existing in the markets."

On gold and silver price outlook till Deepawali 2020 Gupta said that yellow metal may witness a fresh rally and at MCX it may again hit Rs 55,000 per 10 gm in next one quarter.

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