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Gold Price Slip Below Rs. 46000; Prices Can Go Further Down
Gold prices in Friday's (June 5, 2020) trade fell a huge Rs. 998 or 2.14% to Rs. 45698 per 10 gm. And analysts see the yellow metal to trade lower as investors may likely book profits. Also, opening up of economies and with it economic revival hopes have reduced the asset's safe haven appeal.
Internationally, gold traded lower 0.81% at $1,713.45 an ounce. This was after a previous rally spurted by the European Central Bank stimulus measure.
As per analyst from Angel Broking, gold may test 45800 to 45500 levels on MCX and in international market it can test $ 1690 per ounce,
Retail gold of 24K and 22K as on June 6, 2020 is priced at Rs. 46000 and Rs. 45000, respectively.
Back home, dealers in the market expect the industry to see revival in demand for gold not before September. Also, SGBs III series for Fy20-21 will open for subscription on June 8 at a price of Rs. 4677 per 10 gm which given the current retail price is only a pricier bet.
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