Gold at all time high

Gold prices rose to their highest on Monday in a month as fears over rising coronavirus cases lift safe-haven demand by investors.

Internationally Spot gold was up 0.4% at $1,749.54 per ounce as of 06:00 am IST after hitting its highest since May 20 at $1751. US gold futures rose 0.6% to $1,763.80 per ounce. On the MCX, gold prices rose to its all-time of Rs.48,289 per 10 grams in the Indian market on Monday morning.
Gold is commonly used as a safe investment during political and financial uncertainty since it is not at risk of becoming worthless. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose to 2.03% to 1,159.31 tonnes on Friday from 1,136.22 tonnes on Thursday.
Experts said that the impact of coronavirus crisis and the Central Bank’s policy easing measures may help the gold’s haven appeal. Although, lifting lockdown restrictions and the rally in the equity market may hinder major rallies in the counter.

On the technical Day chart, the RSI is at 67, and STOCH RSI as well as MACD is still indicating upward movements left in the Gold.

Experts feel that the precious metal is likely to remain volatile, but as long as it holds above Rs 47,280, traders could deploy buy on dips strategy for a target of Rs 48,300-48,600.

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