Gold price today at Multi Commodity Exchange (MCX) opened ₹5 lower at ₹47,314 per 10 gm levels. However, commodity experts are of the view that the gold price has ‘bottomed out’ and one should look at every dip as buying opportunity in the precious yellow metal.
Gold Price Today: Is it right time to buy gold today?
They said that gold price at MCX has strong support at ₹46,900 and on the upper side, it is expected to hit ₹47,800 in immediate short-term.
Highlighting the major triggers that will be aiding gold price rally in immediate short-term to medium-term time-frame, the bullion experts said that weakness in dollar, highly volatile equity markets and US Fed’s dovish stance on the key interest rates are the major reasons that would aid precious metal’s rally in short-term to medium-term time-horizon.
Speaking on the gold price outlook: “Yesterday, gold and silver were able to break the losing spree due to the weakness in the US Dollar (USD) against the Indian National Rupee (INR). Since the equity market is highly volatile and US Federal Reserve has maintained the dovish stance on key rates, overall gold price outlook is positive.”