Bullion Price Outlook Today: MCX Gold, Silver futures recover early losses; Know expert strategy here
Shedding early morning losses, the MCX December Gold Futures are now trading in the positive zone. The early morning jitters saw the yellow metal get to the intraday low of Rs 50552 per 10 gm. At 4:15, the Gold Futures were trading at Rs 50,900. This is almost a Rs 50 gain from the Friday closing price
Shedding early morning losses, the MCX December Gold Futures are now trading in the positive zone. The early morning jitters saw the yellow metal get to the intraday low of Rs 50552 per 10 gm. At 4:15, the Gold Futures were trading at Rs 50,900. This is almost a Rs 50 gain from the Friday closing price.
The traders who bought the futures on dips, stand to gain now, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said.
The Silver Gold futures have also recovered by almost Rs 600 around this time after falling by over 1.5 per cent in the morning trade. Though, this bullion metal is still trading in the negative territory. It was trading at Rs 61,921 per kg around this time, down by 0.8 per cent
Gupta spelt out the intraday strategy for the investors and traders
Intraday strategy for MCX Gold traders: Gupta suggests buying in Gold futures on dips. He said that the levels for buying could be around Rs 50,700. He puts the stop loss at Rs 50,500 while the target price at Rs 51200.
The Delhi spot gold price was Rs 51,000 per 10 gm, Gupta said. As for the international price, this precious metal was trading with some weakness at around USD 1902.
Intraday strategy for MCX Silver traders:
The MCX December Silver Futures attained an intraday low of Rs 61,251 per kg. The Senior Analyst said that the investors should look to buy it around Rs 61,500, He puts the stop loss at Rs 60,900 while the target price at Rs 62,500. The Delhi Spot price was Rs 62000. He expected the international price of silver to be around USD 24.25 per ounce.
Gold fell below the key psychological level of USD 1,900 on Monday to its lowest in more than a week, pressured by a firmer dollar and stalled progress in talks for a new U.S. coronavirus aid package, Reuters reported.
Spot gold fell 0.2 per cent to USD 1,897.71 per ounce by 0908 GMT, after hitting USD 1,890.19, its lowest since 15 October 15, it said. US gold futures fell 0.3 per cent to USD 1,900.50.
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"There seems to be a lack of impetus to find extra buyers (for gold)... A lot of it is because we`re trading in the looming shadow of the US elections and stimulus speculation," the Reuters reported quoting IG Markets analyst Kyle Rodda. The dollar rose 0.3 per cent against a basket of other currencies.
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