The price of gold is expected to rise above the Rs 56,500- level (per 10 gm) over the next 12-15 months, according to a report by Motilal Oswal Financial Services.

"On the domestic front, the post-budget price correction is a good level to enter an immediate target towards Rs 50,000 and eventually hitting new highs of Rs 56,500 and above over the next 12-15 months," it said.

Gold's volatility in 2021 until now has been no less than any ride in an amusement park, the report said, adding that after a good rally last year, the market witnessed some profit booking and consolidation at the lower levels amid the US Presidential election uncertainty, vaccine reports from various pharma companies and volatility in dollar and yields.

This led to some profit booking in Exchange Traded Funds (ETFs) and Commodity Futures Trading Commission (CFTC)  positions suggesting that speculators too gave up their positions, hence affecting the overall sentiment. Although, with all these uncertainties, the precious metal pack was backed by strong fundamentals which kept the hopes high for all bulls.

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