Gold price may jump to a new lifetime high, say experts. Should you buy now?

  • 09/02/2021
  • Source: mint
  • by: Asit Manohar
Gold price may jump to a new lifetime high, say experts. Should you buy now?
Gold price yesterday at Multi Commodity Exchange (MCX) slid 0.06 per cent and closed at ₹47,090 per 10 gm mark. The yellow metal price edged lower for third straight session as Indian National Rupee (INR) continue to gain strength against the US Dollar (USD). However, if we go by commodity experts' views, the bullion metal is most undervalued among the financial asset categories and it may shoot up to its lifetime high by end of 2021. They said that weakness in US dollar, no sign of increase in interest rates post-Jackson Hole symposium and demand for physical gold due to fast approaching festival season in India, the yellow metal may breach its previous lifetime high of ₹56,191 at MCX. 

Speaking on the triggers and levels in regard to gold price; Anuj Gupta, Vice President — commodity & Currency Trade at IIFL Securities said, "Weakness in dollar due to no sign of increase in interest rates as discussed in US Fed's Jackson Hole symposium, geopolitical tension due to Afghanistan crisis is also supportive for gold price rally. We are expecting that gold may trade higher in the last months of the year. The precious bullion metal may test $1950 to $2000 per ounce levels till this year end. US economic data and inflation concern may provide fuel to the upside move in gold price."

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