Gold prices, and silver prices, have been performing in a limited band for a while now. The impact of the global uncertainties on the prices of the bullion is being seen. The investors in bullion may see some buying in gold at 40394 levels while silver has been seeing a slide trading currently around Rs 46162.

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Zee Business expert says that the bullion market was quite supportive despite global market uncertainties including the Coronavirus outbreak.

There has been a correction of 2.5-3% in the levels and the excess rallying has now gone away, the expert said. The levels at $1540-$1550 are good so the investors can focus on bullion and take a near term view on it. He recommends buying gold around 40300 and puts a stop loss at 40150. He estimates the target price to reach 40650 and with a medium-term view the prices may reach 41500.

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Gold prices were steady on Friday after two days of gains as share markets lost ground, with the coronavirus that originated in Wuhan, China, showing no signs of slowing down, escalating fears of a broader impact on economic growth, a Reuters report said. The death toll in mainland China reached 636 by the end of Thursday, up 73 from the previous day, the report said quoting the National Health Commission.

The metal, however, was still on track for its biggest weekly decline in three months as strong U.S. economic data, including a drop in unemployment benefits, continued to underpin the greenback. Investors now await the non-farm payrolls data, a key barometer of the U.S. economy, due later in the day.

Spot gold was little changed at $1,566.21 per ounce by 0406 GMT, down about 1.4% for the week. U.S. gold futures were flat at $1,569.90.

Lower U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of gold and other non-yielding assets, the report said.

The gold and silver have been functioning in a limited territory for some time now. We are seeing an impact of the global uncertainties on the prices of the bullion. The investors in bullion may see some buying in gold at 40394 levels while the silver has been seeing a slide trading currently around 46162.

Zee Business expert says that the bullion market was quite supportive despite global market uncertainties including the Coronavirus outbreak.

There has been a decent correction of 2.5-3% in the levels and the excess rallying has now gone away. The levels at $1540-$1550 are good so the investors can focus on bullion and take a near term view on it. He recommends buying gold around 40300 and puts a stop loss at 40150. He estimates the target price to reach 40650 and with a medium-term view the prices may reach 41500.