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Gold may test levels of Rs 47,500-47,700 in the near term, said Kunal Shah, Head-Commodities & Currency Research at Nirmal Bang
Gold prices were trading flat after rising marginally on February 23.
On MCX, gold was at Rs 46,843 at 1.45 pm after rising by Rs 700 on February 22.
There has been a marginal rise in gold price in the international markets.
The precious metal climbed to one-week high today due to a weaker dollar and expectation of a US stimulus.
Gold prices were also supported by increased inflation concerns and correction in bitcoin price and prospect
of additional US stimulus.
However, gold prices are still down by about 4% so far this year.
Experts believe some volatility in bullion can be seen in the short-term however for the long term the trend indicates a positive move.
“Gold looks bullish to us as we believe the current correction in the riskier assets like equities may augur well for the yellow metal and with the inflationary expectations increasing and buoyant liquidity can lead gold prices to also test levels of Rs 47,500-47,700 in the near term,” said Kunal Shah, Head-Commodities & Currency Research at Nirmal Bang.