More returns than bank FD in 3 months, tremendous rise in gold, where will the price go now? Experts told
highlights
Gold has given a return of 8 per cent on MCX during January to March.
After breaking the important level, a big rise can be seen in the prices of gold.
Due to the fear of economic recession, investment in gold is considered safe.
New Delhi. After the news of the banking crisis in America, due to the huge upheaval in the stock markets around the world, gold again proved to be a safe option for investors and there was a tremendous rise in its price. Gold prices have outperformed all asset classes in terms of returns in the first quarter of the current year (CY) 2023 due to fears of an economic slowdown. During January to March, gold prices on MCX ranged from ₹54,975 to ₹59,371 per 10 grams. Gold has given a return of about 8 percent in the March 2023 quarter.
According to the experts of the commodity market, gold prices are still in a bullish trend and after breaking the important level related to the price of gold in the domestic and international market, a big rise can be seen in gold prices.
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Why the rise in the price of gold?
Commenting on the sustained rise in gold prices, market expert Sugandha Sachdeva told Mint, “Gold prices witnessed a significant rally in March and remained one of the best performing assets in the first quarter of this year, rising nearly 8%. percentage increased. The soft stance of the US Fed, the concern related to inflation, the concern of recession in the global economy and the strong purchase of gold by the central banks have led to a rise in gold prices. Because in such times gold is considered to be the safest investment.
How far will the price of gold go?
Experts in the commodity market believe that currently there is a major resistance of 60,600 for the gold price on MCX, while in the international spot market, gold prices are facing resistance at the level of $ 2,000 an ounce. If this level breaks, then the price of gold will increase further.
At the same time, Nirpendra Yadav, Senior Commodity Research Analyst, Swastik Investmart, said, “As the US economy is under pressure, investors are hopeful that the Fed will now be soft on increasing interest rates. At the same time, after emerging from Kovid-19 restrictions, China’s economy is showing steady growth, due to which the demand for physical gold is increasing.
Anuj Gupta, Vice President-Research, IIFL Securities, said, anticipating an uptick in gold price, it is expected to climb to a new peak in the short to medium term.
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Tags: 24 carat gold price, gold price news, Gold Rate Today
FIRST PUBLISHED : April 01, 2023, 13:21 IST
