Want to earn bumper returns from gold, silver? First, check out what experts are saying
Gold price and silver too, have been rising in a phenomenal manner for weeks now.
Gold price and silver too, have been rising in a phenomenal manner for weeks now. New all-time high records are being set. The trend is still northward. In this situation, investors are worried whether they should take a new position in bullion to get bumper returns or has gold come into a dangerous zone. In this episode of Commodity Live, your favourite business news TV channel Zee Business tells you what is in store.
This is the 3rd day in a row when Gold prices have touched new peaks. On Wednesday, MCX Gold touched a new high of Rs 52750. And, the rally is still there in the prices of gold. Meanwhile, silver prices are also above Rs 65000 levels. Now, if you want to reap heavy returns from investing in gold and silver by making a new entry in the market, this is the situation that you face.
To reveal this, Mrituenjay Jha, Commodity Editor, Zee Business, asked - where is the market headed now after touching a new peak of Rs 52750.
Ravindra Rao, Head of Commodities, Kotak Securities replied, "It will be really good if correction comes at this time since we have witnessed a steady movement in gold in the recent times."
Talking on the matter, Ishu Datwani, Founder, Anmol Jewellers, said, "A small correction in gold is natural, healthy and essential as well for the market."
Further commenting on silver, Ravindra Rao, replied, "We are expecting to see a correction in silver as well."
WATCH FULL DISCUSSION IN THIS ZEE BUSINESS COMMODITY LIVE VIDEO:-
— Zee Business (@ZeeBusiness) July 29, 2020
Meanwhile, gold prices on Wednesday rose by Rs 217 to Rs 52,808 per 10 gram in futures trade as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 217, or 0.41 per cent, at Rs 52,808 per 10 gram in a business turnover of 2,603 lots. Reportedly, fresh positions built up by participants led to the rise in gold prices, analysts said.
Gold prices traded 0.46 per cent higher at USD 1,972.10 per ounce in New York.
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