Gold price yesterday hit ₹48,000 levels and finally closed at ₹47,760 per 10 gm levels — logging intraday gain of ₹165 at the Multi Commodity Exchange against major global currencies.
In the last one week, the American currency has fallen around 0.80 per cent while in the last one month the US Dollar has crashed around 3 per cent against the major global currencies.” Sajeja said that one more trigger that helped yellow metal rate rise further is weak US economic data.
Standing in sync with Amit Sajeja’s views; Anuj Gupta, Vice President — Commodity & Currency Trade at IIFL Securities said, “Weakness in the US Dollar is expected to continue as talks of sluggish economic growth and requirement for the stimulus package are around.
Gupta said that gold price has strong support at $1,800 to $1,805 per ounce levels in the international market while in the domestic market the yellow metal is standing at immediate support of ₹46,800 levels.