Gold price gives breakout in spot market. Good opportunity to buy, say experts

1.24.22 - U.S. Market Approaches End of 'Superbubble'

Gold last traded at $1,842 an ounce. Silver at $23.86 an ounce.

NEWS SUMMARY: Precious metal prices steadied Monday as investors braced for a volatile week on Wall Street. U.S. stocks extended heavy losses following the S&P 500's worst week since March 2020, while investors awaited corporate earnings results and a key policy decision from the Fed.

MINT-The yellow metal price in the spot market has given fresh breakout at $1835 per ounce levels on closing basis as spot gold price on Friday closed at $1839 levels...commodity experts are of the opinion that overall outlook for gold is bullish and any dip in gold price should be seen as big buying opportunity in near term.

According to commodity market experts, gold prices coming down on Friday in spot and domestic markets should be seen as profit-booking as the precious metal price has rallied strongly this week...They said that gold price has given breakout at $1835 per ounce levels in the spot market and now it may go up to $1900 to $1910 per ounce levels in next one to two months.

Asked about the triggers that will support gold price rally in near term; Anuj Gupta, Vice President - Commodity & Currency Trade at IIFL Securities said, 'Global inflation is going to further worsen as rising crude oil prices are not going to take any pause in near term. In fact Brent Crude oil price is expected to go up to $100 per barrel.'"