Investors Remain Bullish On Gold As Prices May Touch 69000 Rupees Soon

Gold Price Update: Gold prices may continue to rise in the coming days. Due to strong international signals and strong demand, the shine of gold is likely to improve further. In Delhi's bullion market, gold has reached the level of Rs 67,350 per 10 grams, but experts say that gold may soon cross Rs 69,000.

Anuj Gupta, Commodity and Currency Head, HDFC Securities, said that the rise in gold and Comex gold is expected to continue. He told that the first hurdle for Gold June future is Rs 68,300, after which it can go up to Rs 69070. He said that Rs 66780 and Rs 66300 are support levels. He said that in the international market, if Comex gold holds the rate of $ 2145 per ounce, then the price can go up to $ 2320 per ounce.

Cama Jewellery's MD Colin Shah said on gold outlook in view of American inflation data that the price of gold on MCX has reached Rs 66,830. Due to past inflation data and projections of latest inflation data, a positive rally is being seen in gold. Also, due to the signals of Fed Reserve cutting interest rates, its impact on gold prices has been seen to be tremendous. He said that once the inflation rate data is announced, the price of gold is likely to rise further.

Colin Shah said, gold as a safe investment asset with central banking has proved to be very beneficial for the investors. People are hedging against inflation by investing in gold. He said that the US inflation rate data which is going to be announced will decide the direction of reduction in interest rates there. Obviously, after the cut in interest rates in America, the prices of gold may increase further and it may go up to the level of Rs 70,000 per 10 grams.

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