new Delhi. During the last two weeks, there has been a tremendous rise in gold and there is a possibility of further strengthening as gold is getting support due to the deep havoc of Corona and the US-China conflict. During the last two weeks, gold has seen an upside of $ 186 an ounce in the international futures market and is just $ 25 away from $ 2000 an ounce on the yellow metal Comex.
At the same time, gold in India can break the psychological level of 54000 rupees per 10 grams and then create a new record. On the domestic futures market Multi Commodity Exchange i.e. MCX, the price of gold had risen to a record Rs 53,920 per 10 grams. The price of silver on MCX had risen to Rs 67,560 per kg on July 28 last week.
Commodity market experts say that gold is likely to remain strong, so the $ 2000 an ounce level may break this week. However, the possibility of increase in profit booking cannot be ruled out, which will increase the pressure on gold prices.
Experts say that if the psychological level of $ 2000 an ounce is not broken, then investors will be in a mood of caution and in such a situation they will book profits.
Gold price on Comex jumped to $ 1981.10 an ounce on Friday, while $ 80 more than the previous week’s closing. In the previous week, the price of gold had risen to $ 90 an ounce on Comex and, seeing the low and upper levels of the last two weeks, gold has jumped $ 186 an ounce.
Anuj Gupta, deputy vice-president of Angel Broking, says that the rising tussle between the US and China and the deepening outbreak of coronaviruses may keep gold and silver ahead. He said that there is every possibility that gold will break the $ 2000 per ounce level on Comex, while the psychological level of Rs 54000 per 10 grams in India will break.
However, profit booking may dominate at such a high price. Sarfra Bazar Specialist and President of the Gem and Jewelery Trade Council of India, Shantibhai Patel, said that investment demand for the precious metal remains constant, which is supporting prices.
The yellow metal is benefiting from central banks cutting interest rates in the Corona era and the continued weakness in the US dollar. At the same time, silver prices continue to rise due to industrial demand. There has also been concern about the supply of silver due to mining disruptions due to coronavirus infection.
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