Gold Price Today : The whole world is in tension due to Russia-Ukraine war. From crude oil to inflation, new problems are emerging. There is a huge increase in the prices of commodities across the world. The biggest rise in the price of gold on MCX has been seen since May 2021. Today MCX Gold price is seen at Rs 52,549 per 10 grams. All commodity experts believe that gold can touch the level of Rs 54,000 in the near term.
Sugandha Sachdev of Religare Broking says that the conflict between Russia and Ukraine has increased the risk sentiment in the market. That’s why people are seen investing heavily in gold. The appeal of safe investment option of gold has increased even more. Gold prices this week saw the biggest weekly increase since May 2021 amid rising geopolitical tensions.
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Gold likely to rise further
As the ongoing war between Russia and Ukraine will take serious form. Similarly, further increase in gold prices can be seen. Meanwhile, due to the rise in the prices of other commodities and crude oil, the concerns related to inflation have increased further. Due to which people are seen buying gold under the hedging strategy to deal with inflation.
bad condition of rupee
Anuj Gupta of IIFL Securities says that in the spot market so far in 2022, the rupee has lost 2.48 percent against the dollar, while it has lost 1.10 percent in 1 week. It is estimated that due to rising crude oil prices, there will be more momentum in the withdrawal of dollars from India, due to which we can see the rupee going to the level of 77 in the near term.
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Anuj Gupta further says that a change of 1 rupee in rupee against dollar brings a change of 250-300 rupees per 10 grams of gold. In such a situation, the weakness of the rupee can be another reason for the increase in gold prices on MCX.
Anuj Gupta says that MCX Gold can be bought in the range of 51,500 – 51,800 with a target of Rs 53,800-54,000. For this, you must set a stop loss of Rs 51,000.
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