Akshaya Tritiya Gold Investment: Amid multiple triggers including fundamental and technical, the yellow metal has been at the sweet spot to Buy, experts suggest ahead of Akshay Tritiya 2022 during a special show on the commodity.
Gold has been corrected by Rs 2200 on MCX and around $100 on Comex in the last one week. This year’s Akshay Tritiya has been special after two years as the overall demand is improving in the commodity market amid the unlock theme.
According to Sayam Mehra, Vice Chairman – Gold and Jewellery Council, the demand for the yellow metal so far has been good, on the back of strong orders, perhaps due to Akshay Tritiya that falls on coming week Tuesday, April 3, 2022.
He added, “The decline in gold prices is positive for the overall demand. This year the gold is at around Rs 51000 as compared to Rs 55000 last year, besides, the overall footfall in the showrooms is expected to rise as well.”
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On the technical front, Ravindra Rao of Kotak Securities said, “The Gold prices have come at good support at $ 1870-1900 Gold Comex, this support zone could be seen as a strong one. The fall in prices gives a good buying opportunity.”
The market would react from sideways to low ahead of the US Fed Reserve’s FOMC (Federal Open Market Committee) meeting, which is scheduled for May first week, Rao added.
Similarly, Kunal Shah of Nirmal Bang initiated a Buying coverage on Gold amid the decline and global GDP growth slowdown. He said, “The correction in gold is mainly due to the strong dollar index, and if global growth estimates are low, then gold is unlikely to fall from current levels.”