Amid falling rupee which has now hit 9-month low and rising coronavirus chaos with India recording the most cases, gold seen as a safe haven is recovering earlier losses. With gains of over 1 percent, gold prices in the previous session on the MCX scaled above levels of Rs. 47000 per 10 gm to Rs. 47170. Silver also climbed to Rs.68500 per kg.
In the National Capital gold is priced at Rs. 48255 per 10gm. Earlier this month, gold prices went down to 1-year low price of Rs. 44000 per 10 gm.
As per experts other factors up propping up gold prices include escalation in oil price leading to concerns of inflation as well as softness in US treasury yields.
Gold price outlook
Now amid wedding season boost up in demand and then the auspicious occasion of Akshaya Tritiya falling on May 14, gold price is expected to scale to levels of Rs. 48500 per 10 gm by May end. So, investors as suggested time and again can continue to accumulate gold on every dip and there shall be intermittent profit booking.