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Gold price dips as US dollar rebounds from 7-week low. Buy, hold or exit?
Gold rate today: On account of US dollar rates rebounding from 7-week lows and Dollar Index sustaining above the psychological 102 levels, profit booking triggered in the yellow metal on the weekend session. Gold future contract for April 2023 on Multi Commodity Exchange (MCX) ended at ₹59,310 per 10 gm, logging weekly loss of 0.18 per cent. According to commodity market experts, this dip in gold price can be attributed to the bounce back witnessed in Us dollar rates from its recent lows. They went on to add that gold is expected to remain in range of $1,920 to $2,010 per ounce and may continue to retrace from upper hurdle. However, when asked about the strategy for gold investors, they advised investors to maintain 'buy on dips' and avoid taking short position as breakout above $2,000 per ounce on closing basis may fuel gold prices again as Indian National Rupee (INR) is expected to remain weak in near term. Traders may remain cautious ahead of durable goods orders and PMI data from US. Source - MInt
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