Anuj Gupta of IIFL Securities said gold prices have risen sharply since Russia’s invasion of Ukraine.
Today’s gold price: After hitting its 18-month high on Thursday, gold prices fell sharply on the MCX on Friday. On the MCX, the gold April futures lost Rs 1,273 to close at Rs 50,270. At the same time, the spot price of gold in the international market closed at 9 1889 per ounce on Friday after touching the level of 197 1975 per ounce for 17 months.
There is talk of a sharp fall in gold prices in the global commodity market Anuj Gupta of IIFL Securities He said the price of gold had risen sharply since Russia’s invasion of Ukraine. Now it seems the market has digested the impact of this event. However, gold investors are being advised to keep an eye on reports of a conflict between Russia and Ukraine, which could escalate if NATO decides to take military action. However, it is unlikely that NATO will provide financial assistance to Ukraine. This means that it is only in the mood to give moral support to Ukraine. There is no desire for military intervention in this matter.
Also read: Market fell more than 3% last week amid Russia-Ukraine crisis, FII sales continue
Amit Sajeja of Motilal Oswal “Now that the market has shifted its focus back to inflation, we need to keep an eye on crude oil prices, the US Fed meeting and the rise in interest rates of the world’s leading central banks,” he said. Inflation has reached alarming levels. Now the US Fed can maintain its tough stance on interest rates. Even if the interest rate is raised by 0.50 percent, it will not be enough to control inflation. The US Fed is expected to raise interest rates in March.
What is the strategy of investing in gold?
Anuj Gupta of IIFL Securities said that high risk investors can buy the MCX Gold Futures contract with a stop of Rs 50,500 and a short-term target of Rs 50,700 for Rs 49,700.
