Gold prices have seen a big move. Some of the factors supporting gold have been the rising COVID cases, inflation concerns as well as physical buying. David Fergusson, Chairman, Global Precious Metals shared his views.

Share Market Live

NSE

“USD 3000 per ounce is where the gold price should be today. So we are looking for the price to get up there,” he said.

“We think that the bottoms have been seen in the gold price. We think that the near-term resistance point is about USD 1860 per ounce,” he stated.

Gold prices piercing this USD 1860 per ounce mark will probably happen by end of July, he added.

According to him, gold is one of the important monetary assets.

“The strength of the pullback in gold for the last three months has been surprising. It is not unusual. This 20 percent pullback happens in global markets. So as a principal driving force of the gold price over the medium-term, the longer-term will always be monetary factors and those factors remain extremely strong for gold,” he explained.

For the full interview, watch the video

(Edited by : Abhishek Jha)

First Published:Apr 23, 2021 11:09 AM IST