Gold in the last three trading sessions(Gold)The price is rising. Multi Commodity Exchange on May 18 (MCX) On gold at Rs. 50218, 50544 on May 19 and in the last trading session of the week on May 20, it traded at Rs. 310 to Rs. 50845 per ten grams. The international market has also seen a rise in gold for the past two days. Spot gold rose ડો 4 to close at 18 1845 this week. Commodity market experts said heavy selling in global equity markets, coupled with the dollar index and rupee depreciation, has boosted demand for gold and pushed it up. Experts say that in this rally, gold on the MCX could reach the level of 52100 and spot gold could reach the level of 1780 dollars per ounce.
Vipul Srivastava, a research analyst at Religare Broking Ltd, said in a media report that gold prices had declined for four consecutive weeks. It closed higher this week. The dollar index was down 1.39 percent this week and closed at 103.015. The dollar index reached 105 points last week. Demand for gold has increased due to the weakening of the dollar. Investors are also attracted to safe investments due to selling in the global market.
Inflation is still a concern
Vipul said inflation was still a concern. Energy prices are still high which could lead to higher inflation. In such a scenario, the demand for gold for hedging against inflation may increase. An EU embargo on Russia over an attack on Ukraine could lead to a further spike in global oil prices. Demand for fuel may increase further due to the easing of lockdown in China. This is likely to lead to higher inflation which is likely to push up the price of gold.
Gold can reach 52100
Axis Securities commodity analyst Pritam Patnaik said gold prices are expected to remain in the range of 18 1820-1860 next week. Vipul Srivastava said the 49500 level would serve as support for gold in the domestic market. If the price breaks below this, another support will be found at Rs 48,800. The support for the international market will be 17 1780. If the price goes up, gold in the domestic market may reach the level of 51500 and reach the level of 52100.
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