Gold price dip 'opportunity' for Akshaya Tritiya buyers: Experts

Experts say that gold price outlook for short-term, mid-term and long-term all looks positive and advised investors to keep on accumulating on every dip. (Mint)Premium
Experts say that gold price outlook for short-term, mid-term and long-term all looks positive and advised investors to keep on accumulating on every dip. (Mint)
 2 min read . Updated: 13 May 2021, 08:56 AM IST Asit Manohar

Akshaya Tritiya 2021 is falling tomorrow i.e. 14th May 2021. In India, this is an auspicious day to buy gold (both physical and electronic). So, for those yellow metal buyers who are planning to accumulate further on Akshaya Tritiya, there is a piece of good news for them as the gold price at Multi Commodity Exchange (MCX) dipped ₹161 after making Wednesday close of ₹47,472 per 10 gm. According to commodity experts, this is a good opportunity for the precious metal buyers on Akshaya Tritiya as the overall outlook of gold is still bullish. They said that gold price outlook for short-term, mid-term and long-term all looks positive and advised investors to keep on accumulating on every dip.

Speaking on the gold price outlook for short-term Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities said, "Yesterday, gold price fell because of the US consumer data supporting US Dollar rise against major global currencies. But, this rise in USD won't last long as the US inflation has also soared that is going to support gold price rally in near term."

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Anuj Gupta of IIFL Securities went on to add that gold price in the international market is trading around $1,822 per ounce and has strong support at $1,800 to $1,805 per ounce mark. In MCX terms, gold price is in the range of ₹46,800 to ₹48,000 per 10 gm with positive outlook. Gupta advised gold buyers and investors to maintain 'buy on dips' strategy and said that falling gold price is an 'opportunity' for investors who want to buy the precious metal on Akshaya Tritiya.

Giving gold price outlook for medium to long-term Sugandha Sachdeva, Vice President at Religare Broking Limited said, "Gold price outlook for both medium and long-term looks positive. We are expecting yellow metal price to go up to ₹52,000 per 10 gm in the medium-term while in the long-term we are expecting gold price to go up to ₹55,000 to ₹60,000 per 10 gm mark."

Sugandha Sachdeva of Religare Broking also said that silver price outlook too looks positive for both medium and long-term and advised buyers to buy silver for ₹75,500 to ₹76,000 per kg target in medium-term while she expected the white metal to go up to ₹85,000 per kg by end of 2021.

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