The intraday outlook for Gold remains on a weaker turf and the yellow metal may see some price corrections, senior technical analyst Anuj Gupta said. He said that MCX Gold futures could see levels around Rs 49900 by the end of the day. As for MCX Silver futures, he said that the levels around 59800 could be tested.  

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While the December gold futures were trading at Rs 50,313 today, up by 0.14 per cent around 3:15 pm, the December Silver futures were trading at Rs 60,051 around this time, up by almost 0.8 per cent. 

The Delhi spot price of Gold was Rs 50,200 while the silver spot price was Rs 61000, Gupta said. He is Deputy Vice President, Commodity and Currency Research at Angel Broking. 

He said that the commentary by International Monetary Fund (IMF) on the global economic situation and about India is not positive and this would further consolidate the position of these precious metals. 

He had earlier said that the outlook for the October series is one that would be choppy. Amid US elections and the ongoing coronavirus situation, the prices will be moving both ways depending upon the developments.  

He however said that the medium term outlook remained positive on gold and silver.  

As for the international price, gold price could test USD 1870 levels while the silver may test USD 23.50, he further said. 

The demand for gold and silver is likely to take an upward move as festive season approaches, Gupta said reiteration his previous stance. This segment has had a lacklustre performance amid rising prices and enforcement of the lockdown.  

  Gupta said Sovereign Gold Bonds (SGB) could be a good option for investment in this instrument. 

"Whenever there is a price drop, there`s a section of strategic investors who think gold is still a very good hedge against global uncertainties... So they keep coming in," said Harshal Barot, a senior research consultant for South Asia at Metals Focus, Reuters reported. 

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With the COVID-19 pandemic showing no signs of slowing and uncertainty over U.S fiscal stimulus, the broader USD 1,850-USD1,940 range remains intact, the report said quoting the analyst.