Gold Price Today: Yellow metal glitters at over 2-week high; experts see money-making opportunity

Gold Price Today: Yellow metal price has scaled above its two-week high by gaining nearly 0.28 per cent from its previous day's close.

According to commodity experts, rise in gold price is due to the weak US job data and expectations of negative US Fed interest rate till Coronavirus fear exists, are the major reasons for gold price rally. Photo: Reuters

Gold Price Today: Yellow metal price has scaled above its two-week high by gaining nearly 0.28 per cent from its previous day's close. Yesterday, too gold price had surged 1.46 per cent giving indication of fresh rally in the precious metal. According to commodity experts, rise in gold price is due to the weak US job data and expectations of negative US Fed interest rate till Coronavirus fear exists, are the major reasons for gold rally. On MCX (Multi Commodity Exchange) gold price is likely to hit Rs 47,400 levels in one week's time.

Anuj Gupta, Deputy Vice President — Commodities & Currencies Research at Angel Broking said, “Today Gold is trading above two week-high up by 0.28 per cent at Rs 46,790 levels. Yesterday gold prices increased by 1.46 per cent and in international market spot gold prices are at $1732 per ounce. Increase in Jobless claim in US and Expectation of Negative interest rates by Federal Reserve Chairman Jerome Powell supports the Gold prices as safe haven demand. Further we expect Gold may trade positive towards Rs 47,200 to 47,300 levels. For intraday perspective in intraday, traders can buy Gold around Rs 46,500 to 46,600 levels, with the stop loss of Rs 46,250 levels and for the target of Rs 47,300 to Rs 47,400 levels. In international Market Gold can test $1750 to $1760 levels.” Gupta said that the levels will be achieved within one week.

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Amit Sajeja, Research Analyst at Motilal Oswal said, "Due to the weakness in the US economy and other major economies, the short-term trend of the gold has become positive and it may move towards its upper range of $1,750 per ounce levels in the international markets. Gold has sustained above Rs 46,000 per 10 gm levels. We may witness MCX gold price to hit Rs 47,000 per 10 gm levels may be even its all time high of around Rs 47,500 levels."

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