Gold prices continued their winning streak with gains of 0.75 percent, ending in positive territory for nine-week in a row. The gold future contract for February 2023 on multi-commodity exchange (MCX) finished at ₹54,972 per 10 gm levels while spot gold price finished the final week of 2022 at $1,822 per ounce levels.
whereas in the domestic market, the precious yellow metal has immediate support placed at ₹54,300 to ₹54,400 per 10 gm levels. However, they said that overall bias for gold rates are positive and any dip in the precious bullion metal should be seen as buying opportunity as spot gold price may go up to $1,865 and $1,890 levels once it sustains above $1,820 levels.
On MCX, they said that gold prices may go up to ₹55,900 levels in near term. However, they advised investors to refrain from chasing the gold price rally and maintain ‘buy on dips’ strategy.
“Gold price rally for eighth successive week can be attributed to rising Covid-19 concern in India and overseas, US Fed dropping a hint about going slow on the interest rate hike and ease in dollar index.
These factors are expected to exist in near term and hence outlook for gold is bullish in the near term and one should maintain buy on dips strategy rather than chasing the gold price rally.”
