12 May , 2021 By : Kanchan Joshi
Gold price at Multi Commodity Exchange (MCX) dipped Rs311 after closing at Rs47,640 per 10 gm mark on Tuesday. However, silver price continued to scale and closed Rs338 higher from its Monday close. Silver on Tuesday had a closing price of Rs71,882 per kg. However, commodity experts have maintained that dip in gold price is 'good opportunity' for investors and buyers as overall sentiment of both gold and silver is bullish. They advised yellow metal buyers to maintain ‘buy on dips’ strategy till the gold price is above $1800 per ounce levels in the international market.
Speaking on the gold price outlook for short-term Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities said, "This Rs311 dip is nothing but profit-booking as gold price had been rising for the last few trade sessions and some correction around Rs48,000 levels was awaited. However, this is a good opportunity for the gold investors and buyers as overall sentiment for both gold and silver is bullish. One can continue the buy on dips strategy till gold price in the international market is above $1,800 per ounce levels."
Anuj Gupta of IIFL Securities said that in immediate short-term, gold traders can buy gold at Rs47,500 for the target of Rs47,900 maintaining stop loss at Rs47,200. However, for the gold buyers and investors, Gupta advised to keep Rs46,800 as strong support and keep on buying till gold price is above Rs46,800 levels at MCX.
Asked about the gold and silver price outlook Sugandha Sachdeva, Vice President at Religare Broking Limited said, "Silver price may go up to Rs76,000 per kg in mid-term time horizon while in the long-term perspective the white metal is expected to go up to Rs85,000 per kg levels. Similarly, gold price outlook is bullish and in mid-term we are expecting the yellow metal to touch Rs52,000 per 10 gm levels while in the long-term time-horizon, we are expecting gold price to hit Rs55,000 to Rs60,000 per 10 gm levels."
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