Gold rush: Weak dollar, uncertainty in global markets may fuel future gold rate

Negative US job date can be an immediate trigger into the global gold future prices as it has already witnessed near 5-6  per cent  correction post-February 28 high.

Gold rush: Weak dollar, uncertainty in global markets may fuel future gold rate

On account of weak dollar and uncertainty into the global markets, the gold prices are expected to soar and touch the levels of $1305 per ounce in global commodity markets. Commodity experts are of the opinion that US job data is expected to come today and if it's against the dollar, then we can see some further move as it may breach the immediate resistance of $1305-1310 per ounce levels.

Speaking on the gold outlook Anuj Gupta, Deputy Vice President — Commodity and Forex at Angel Broking told Zee Business online, "Currently, the WTI gold prices are at around $1290 per ounce and it has been witnessing profit booking after making a high on February 28th. So, we are expecting the gold prices to touch or test its resistance at around $1305 per ounce to $1310 per ounce levels." 

See Zee Business video below:

In terms of MCX, Anuj Gupta of Angel Broking further added that near $20 dollar appreciation into the gold prices would lead to near about Rs 500 per 10-gram appreciation at the MCX gold future prices. So, on the basis of that one can expect the MCX gold future prices to touch around Rs 32,500 per 10 grams in a week time.

Standing in sync with Anuj Gupta of Angel Broking; Amit Sajeja, Associate Vice President — Commodities and Currencies at Motilal Oswal said, "The US job data is coming today. If it comes against the dollar then it could become the immediate trigger for the gold prices in global merchandise as the gold prices are already a way to low after witnessing around 5-6 per cent of profit booking post-February 28th." He said that negative US job data may help gold prices to breach its resistance, which is at around $1305 per ounce levels as the dollar would further nosedive in coming days.

 

Written By: Asit Manohar
Updated: Fri, Mar 08, 2019
02:27 PM IST
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Gold Price Outlook: Yellow metal to touch $1,320 per ounce by July end, say COMEX experts Gold Price Outlook: Yellow metal to touch $1,320 per ounce by July end, say COMEX experts
Gold price tanks to four-month low on strong dollar index Gold price tanks to four-month low on strong dollar index
Money making idea: Should you buy Gold? 54% gains expected in three months, experts give thumbs up Money making idea: Should you buy Gold? 54% gains expected in three months, experts give thumbs up
Gold shines on weak dollar, Fed chief's dovish tone on rate hike Gold shines on weak dollar, Fed chief's dovish tone on rate hike
24 karat gold slips Rs 192 to Rs 30,532; track city-wise prices here 24 karat gold slips Rs 192 to Rs 30,532; track city-wise prices here

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x