Gold prices breach $2000/oz: It's a trailer, full picture remains to be seen yet, says IBJA

Gold has breached $2000 per ounce on the higher side. Rs 54,000 per 10gm on MCX is back. Surendra Mehta, Secretary, at India Bullion and Jewellers Association (IBJA) shared his views.

“This is still a trailer, we have to see the full picture yet,” he said.

According to him, $1972-$2036 per ounce is the range on gold. There is nothing which can currently stop the gold prices. If it crosses $2036/oz, next target would be $2063/oz on gold, he added.

He believes inflation, high oil prices, Fed not able to raise interest rates because of higher inflation, geopolitical tensions and Russian sanctions are leading to higher gold prices.

Oil prices go past $130 in Asia, MCX oil hits 6% upper circuit

On Indian gold prices, he said, “My first target would be Rs 56,000-57,000 per 10 gm and the second target would be about Rs 61,000 per 10 gm. I would not recommend anybody to go for any positional view. This is the time when one should only deal intraday because any negotiation which favours the end of war, can see heavy correction in the market.”