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Continue Buying Into Gold At Dips; To Scale Again To $2000/Oz By Decemeber

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Of late a lag in dollar and the US yield has supported a rise in gold prices to above Rs. 46000 levels on the MCX. In Friday's (April 9, 2021), gold future prices for June delivery settled at Rs. 46610 per 10 gm.

 
Continue Buying Into Gold At Dips; To Scale Again To $2000/Oz By Decemeber

Nonetheless, year to date there has been a huge correction in gold price from its peak levels and this is owing to economic recovery from the coronavirus-led fall-out. Also, the risk sentiment has got a boost after the US economic recovery has been faster than expected, the best pace in 4 decade, giving risky-assets a push and at the same time dampening the appeal of safe haven gold.

 

Gold prices unlikely to fall below $1600 per oz mark

Now as the Covid 19 risk is still far from over, and so gold prices may not retreat lower below $1600 levels. Other factors that would keep the gold prices higher include low interest rates, loose monetary policy, rise in inflation because of extreme liquidity conditions and increased demand for the yellow metal from both India and China will also support prices in the immediate term. And by the end of FY22, price of gold is expected to again scale back to $2000 per oz and there is recommended a buy on every dip strategy to gain from the bullion.

GoodReturns.in

Read more about: gold gold prices
Story first published: Saturday, April 10, 2021, 13:37 [IST]
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