Gold prices in the international market will remain under pressure till it remains below $ 1750 per ounce. However, gold has strong support at the price of $ 1680. In such a situation, any major fall in gold prices will be a great investment opportunity.
New Delhi. Gold prices on the Multi Commodity Exchange (MCX) recorded a fall of 0.05 percent on Friday, October 1, 2021. On the Multi-Commodity Exchange (MCX), the futures price of gold for December 2021 closed at Rs 46,000 per 10 grams, which was Rs 21 lower than Thursday. In September 2021, a fall of about 4 percent in gold prices on MCX has been recorded. Earlier in August 2021, it had decreased by 2.1 percent.
When will be a great investment opportunity?
Anuj Gupta, Vice President, Commodity and Currency Trade at IIFL Securities, said that the gold price in the international market will remain under pressure till it trades below $ 1750 an ounce. However, he said that this precious metal has strong support at the price of $ 1680. In such a situation, investors can see any major fall in gold prices as a great buying opportunity. According to experts, the strengthening of the US dollar may keep pressure on gold prices. However, rising crude oil prices may lead to an increase in global inflation.
Why can gold prices rise?
In the second fortnight of October 2021, due to the rising price of crude oil, the ongoing fall in the price of gold can be closed. Apart from this, the demand for gold is expected to increase during the festive season starting in a few days in India. This will support the gold prices. At the same time, due to the current power crisis in China, there may be a sharp fall in the equity markets. In such a situation, equity investors can also invest money in gold, which is considered the safest investment option. This will also increase the price of gold.
What will be the price in October-November?
On the rise in gold prices in October 2021, experts say that in the first fortnight of the month, the price of gold on MCX may fall by Rs 45,500 to Rs 45,000 per 10 grams. Actually, during this time the US dollar may remain strong. However, if the dollar starts to weaken, then the price of gold in the international market will break the barrier of $ 1750 to $ 1760 an ounce and will reach $ 1800 to $ 1850 an ounce in the next one month. If this happens, then the price of gold on MCX can go up to Rs 48,000 to 48,500 per 10 grams in the next one month.
