Gold Price Forecast: Gold price has been rising continuously. Investors worried about safety of their money have invested heavily in it. While yellow metal rate has been climbing fast, it is all set to skyrocket! Cutting through the jargon are experts.
The forecast for gold remains positive in the near term as global economic uncertainties continue to linger, denting confidence of the investors, technical analyst said.
The recent International Monetary Fund (IMF) report, further downgrading the global economic estimates has only strengthened the position of the Precious Metal which is traditionally the safe haven for investors as a hedge for their investments.
He further said that there are no indications of the coronavirus situation getting resolved any time soon. This in itself is a good reason for the precious metal to move north. India which is now at the fourth position in terms of the number of cases reported, has recorded over 4.9 lakh case as of Thursday.
Read More : Gold Price Today: Yellow metal gains Rs 239, Silver Rises by Rs 845 – GSR
Gupta who is a Deputy Vice President, Commodity and Currency Research at Broking expects the August Gold futures to trade between Rs 48500 and Rs 49500 during the next week.
At 7:30 pm, the August Gold Futures were trading at Rs 47700, down by 0.33 per cent from the previous close of Rs 47941.
Gupta said that though the traction for physical gold was still not significant, investment in ETF, Sovereign Gold Bonds (SGB) has been seeing an uptick. He said that the April month saw record buying of ETF on the Multi Commodity Exchange (MCX).
We expects the international gold price to test USD $1800-$1850 next month.
