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Gold Price Outlook – View on bullion positive over next week; buy Gold, Silver futures for these targets
Outlook for gold and Silver remains positive in the immediate to near term amid uncertainties around Omicron. The stock markets collapsed on Friday once again following the trend which existed for almost the entire week. The loss to equity markets will benefit Gold considered as a haven for investors amid difficult times
Outlook for gold and Silver remains positive in the immediate to near term amid uncertainties around Omicron. The stock markets collapsed on Friday once again following the trend which existed for almost the entire week. The loss to equity markets will benefit Gold considered as a haven for investors amid difficult times.
Analyst Anuj Gupta remains bullish on the yellow metal over the course of next week.
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However, the investors must keep their eyes fixed on the US Federal Reserve. Its stance on stimulus tapering and interest rate will also be a key determinant in how Gold moves.
On Friday, yellow metal traded with a positive bias and closed on a high note. The February Gold Futures ended up 1.2 per cent or USD 21.2 from the previous closing price of Thursday at USD 1783.9.
Meanwhile, the March Silver Futures settled at USD 22.56, up 1.1 per cent or USD 0.25 on Friday.
Domestically, the bullion moved positively on the last trading day of the week, taking cues from its foreign peer.
The February Gold futures on MCX ended ay Rs 47,925 on Friday, gaining as much as Rs 524 per 10 gram of higher by 1.1 per cent from the last closing price. As for MCX March Silver futures, the closing price stood at Rs 61,567 per kg, up Rs 444 or 0.73 per cent.
Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommended a buy on MCX February Gold futures. He puts the stop loss at Rs 46,800 with a price target of Rs 49,000.
He also recommended a buy on MCX March Silver futures at Rs 61,000. He puts the stop loss at Rs 59,400 while the target price at Rs 63,500.
In Mumbai, Silver Spot closed at Rs 60,843 per kg while standard gold (99.5 purity) ended at Rs 47,354 while pure gold (99.9) ended at Rs 47,544 per 10 gram.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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