Gold, Silver Prices Today: Intraday buying opportunity seen as yellow metal price steadies; analyst recommends profit-making strategy
After hitting a two-week low last week, the yellow metal managed to salvaged some ground on the back of a US Dollar retreat. The dollar index fell 0.1 per cent, retreating from Fridays high, a Reuters report said. A weaker dollar reduces bullions cost to buyers holding other currencies
Gold, Silver Prices Today: December Gold Futures were trading negatively on Monday at Rs 48,765 per 10 gram on MCX, down by Rs 63 or 0.26 per cent from the Friday closing price. It had last closed at Rs 48,828. Meanwhile, the MCX December Silver futures were up by Rs 172 or 0.26 per cent and trading at Rs 65,728 per kg.
After hitting a two-week low last week, the yellow metal managed to salvaged some ground on the back of a US Dollar retreat. The dollar index fell 0.1 per cent, retreating from Friday's high, a Reuters report said. A weaker dollar reduces bullion's cost to buyers holding other currencies.
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Internationally, the gold prices were impacted by US President Joe Biden’s infrastructure bill, which directed towards the development of the US economy coupled with comments from Fed officials about revisiting inflation targets and increasing the pace of tapering supported the dollar, a Motilal Oswal report said.
It estimates gold futures to trade in a range with support hovering between Rs 48,700 and 48,580 while the resistance between Rs 48,970 and Rs49,100.
As for Silver Futures, resistance is seen between Rs 65,780 and Rs 66,000 while the support is seen between Rs 65,285 and Rs 65,000. Trading is expected to remain range-bound even in this bullion metal, the report said.
Analyst Anuj Gupta sees this correction as a buying opportunity. He suggested a buy on MCX December Gold futures at Rs 48,700 with a stop loss at Rs 48,450 while the price target at Rs 49,200. Meanwhile, investors can buy MCX December Silver futures at Rs 65,200 with a stop loss at Rs 64,500 and a target at Rs 66,500.
The spot Gold price on CME was at USD 1844.5, down by USD 7.1 or 0.38 per cent around this time. Motilal Oswal sees support between USD 1832 and USD 1818 while the resistance between USD 1858 and USD 1872.
The December Silver futures were trading at USD 24.91, up by USD 0.13 or 0.52 per cent on the CME.
The brokerage firms see support between USD 24,42 and USD 24.20 while the resistance is between 24.85 and USD 25.15.
(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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