Gold price at Multi Commodity Exchange (MCX) hit its 4-month low after sliding below ₹46,000 per 10 gm levels. In long-term perspective, gold price is positive and one should maintain 'buy on dips' strategy till gold price sustains above ₹44,700 per 10 gm at MCX. Highlighting the reason for sharp correction in gold price; Anuj Gupta, Vice President — Commodity & Currency Trade at IIFL Securities said, "We have seen sharp correction in gold price due to strength in US Dollar and robust US economic data. In fact, US Dollar is hovering on 4-month high levels; however, gold price is hovering at 4-month low levels. So, gold price coming closer to ₹45,300 should be seen as an opportunity to buy for long-term maintaining stop loss below ₹44,700.

Source: Mint August 11, 2021 03:11 UTC