Gold price can peak to ₹60,000 this year. Here's when, say experts
Gold rates today witnessed some profit-booking in early morning deals but remained above the psychological ₹57,000 levels
Gold rates today witnessed some profit-booking in early morning deals but remained above the psychological ₹57,000 levels, which it climbed on Monday evening deals.
Gold future contract for the month of April on Multi Commodity Exchange (MCX), gold price today opened lower at ₹57,483 per 10 gm levels and went on to hit intraday low of ₹57,424 levels within few minutes of market opening. In international spot market,
According to commodity market experts, gold has started to attract 'safe haven' appeal after the Silicon Valley Bank crisis, which has jeopardised return from other assets, especially from equities, mutual funds, treasuries, bonds and other assets.
So, investors are fishing out money from other assets and infusing it in gold that is providing support to the yellow metal rally.
They said that gold price is facing hurdle at $1,920 per ounce levels and it has now immediate support placed at $1,880 levels.
Experts maintained that much depends upon the US Fed's FOMC meeting outcome. If they decided to leave the key interest rates unchanged, then another $100 to $150 rally in gold price can't be ruled out.