Gold Price Today: Yellow metal recovers 0.9 pct after shallow dip yesterday; experts predict rise post-consolidation
Gold price today recovered to the tune of 0.9 per cent and hit Rs 52,151 per 10 gm levels while silver price today rose nearly 0.5 per cent and touched Rs 67,595 per Kg levels.
Gold price today recovered to the tune of 0.9 per cent and hit Rs 52,151 per 10 gm levels while silver price today rose nearly 0.5 per cent and touched Rs 67,595 per Kg levels. According to the commodity experts, this is a consolidation phase for bullion and once the consolidation gets complete, gold and silver prices will start rising but with 'limited speed.' They said that in the immediate consolidation phase for gold price is in the range of Rs 50,000 per 10 gm to Rs 54,000 and any sharp dip in the precious metal should be seen as an opportunity to further accumulate.
Speaking on gold and silver prices, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said, "As expected, yesterday, gold prices fell by 0.90 per cent and closed at Rs 52,151 per 10 gm levels. Silver also fell 0.54 per cent and closed at Rs 67,595 per Kg levels. In the international market gold is trading at $1949 levels and silver is trading at $27.39 levels. Today gold prices are trading on a positive note at 0.45 per cent higher at Rs 52,380 levels and silver prices increased by 1.50 per and trading at Rs 68,598 levels. Today we are expecting an upside movement may be seen in bullion on the back of weakness in dollar due to unexpected rise in US Jobless data. US Fed also warned of a slowdown in hiring due to weakness in the US economy."
And what should investors do? Gupta said, "Today, traders can buy gold at Rs 52,100 levels with the stop loss of Rs 51,700 levels for the target of 52,700 levels. Silver is also a buy at Rs 67,500 level, with the stop loss of Rs 65,900 levels and for the target of Rs 70,000 levels."
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Calling the current crash in gold and silver prices as consolidation phase, Amit Sajeja, Associate Vice President at Motilal Oswal said, "Price correction in gold and silver prices were due after the steep rise in the precious metal rates. However, the triggers for rise in bullion prices still exist and once the consolidation phase is over, we can again see a bullish trend in gold."
On his suggestion to the gold and silver investors, Sajeja said that any shallow dip is mere price correction due to the profit-booking but if there is any steep correction in gold or silver, it should be seen as an opportunity to further accumulate rather than getting into panic from gold price correction.
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