On the first day of the week, gold closed flat at the previous session's closing price of Rs 47353 but it gained momentum as the day went up. Gold for June delivery was trading up by Rs 222 to trade at Rs 47575 per 10 gram at 10:30 am. In the morning session, it touched a minimum of Rs 47344 and a maximum level of Rs 47575.
Anuj Gupta, Vice President, Commodities and Currency Trade at IIFL Securities, said that the price of gold is in the range of 1740 to $ 1745 an ounce but there is a sharp trend in gold. In the international market, it can go from 1800 to 1820 dollars per ounce. Talking about the domestic market, on MCX it can go up to Rs 48,000 per 10 grams in the next two months.
Sajeja said that the reduction in import duty on gold also led to a rise in prices. He said that gold on MCX can go up to Rs 47,500 per 10 grams in 10 days from the next one week. Gold can go up to Rs 49,000 in the next 3 months. So it makes sense to buy gold right now.