Gold Outlook: On March 8, the price of gold in the international market exceeded two thousand. The idea of experts, the way the war seems to be going. In such a scenario, gold could hit the 2,400 level in the next 6-7 months.
Sugandha Sachdev of Religare Broking says the gold market will remain bullish. Gold $ broke a significant barrier of the 1970s. There are big reasons behind the rise in gold prices, which are supporting the price. First, there is the need for a strong safe haven for gold due to geopolitical uncertainty. In addition, there is a big fall in equities. The third major reason is the rise in product prices. Crude oil prices have been at record highs for many years. These three things support gold. The technical level has also been violated.
Sachdev said that from here, gold could reach the level of 54,000 in the domestic market immediately. At the same time, in the long run, it could go to a record high. That is, the price can go above Rs 56,000.
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-8 2400 level in 6-8 months
Ajay Kedia, Director, Kedia Commodities, says that the gold outlook is positive. Gold is supported by war and geopolitical tensions. On March 8, gold in the international market exceeded two thousand. At the moment the war seems to be going on. In such a scenario, gold could hit the 2,400 level in the next 6-7 months. If there is a war, there may be a risk of a recession in the market. The stock market can fall or be a risky asset. They are all supporting gold. Due to this inflation is rising. Growth in crude products supports inflation. And when inflation rises, gold gets support.
72,000 gold could go by December
Ajay Kedia said that if we talk about the gold level in the international market, it can immediately show the level of $ 2200, but if we talk about December, it can go up to $ 2,400. Speaking of the domestic market, the situation is like a double-edged sword. The rupee is weakening rapidly against the dollar. Rupee has touched 7. The fall of the rupee will support gold. At the same time there is a demand for gold due to the purchase of safe havens. Gold crossed the 52,500 level last week. In that case, it could immediately touch the 56,000 level. At the same time, by the end of December, the level of 72 thousand can be seen. However, the war situation must be monitored at all times. Because, inflation, recession and buying safe havens will be seen to return to gold.