Gold price at Multi Commodity Exchange (MCX) dipped ₹311 after closing at ₹47,640 per 10 gm mark on Tuesday.
However, silver price continued to scale and closed ₹338 higher from its Monday close. Silver on Tuesday had a closing price of ₹71,882 per kg.
However, commodity experts have maintained that dip in gold price is ‘good opportunity’ for investors and buyers as overall sentiment of both gold and silver is bullish. They advised yellow metal buyers to maintain ‘buy on dips’ strategy till the gold price is above $1800 per ounce levels in the international market.
Speaking on the gold price outlook for short-term Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities said, “This ₹311 dip is nothing but profit-booking as gold price had been rising for the last few trade sessions and some correction around ₹48,000 levels was awaited. However, this is a good opportunity for the gold investors and buyers as overall sentiment for both gold and silver is bullish. One can continue the buy on dips strategy till gold price in the international market is above $1,800 per ounce levels.”
Anuj Gupta of IIFL Securities said that in immediate short-term, gold traders can buy gold at ₹47,500 for the target of ₹47,900 maintaining stop loss at ₹47,200. However, for the gold buyers and investors, Gupta advised to keep ₹46,800 as strong support and keep on buying till gold price is above ₹46,800 levels at MCX.
Sugandha Sachdeva, Vice President at Religare Broking Limited said, “Silver price may go up to ₹76,000 per kg in mid-term time horizon while in the long-term perspective the white metal is expected to go up to ₹85,000 per kg levels. Similarly, gold price outlook is bullish and in mid-term we are expecting the yellow metal to touch ₹52,000 per 10 gm levels while in the long-term time-horizon, we are expecting gold price to hit ₹55,000 to ₹60,000 per 10 gm levels.”