Gold price at Multi Commodity Exchange (MCX) dipped ₹311 after closing at ₹47,640 per 10 gm mark on Tuesday. However, silver price continued to scale and closed ₹338 higher from its Monday close. Silver on Tuesday had a closing price of ₹71,882 per kg.
However, commodity experts have maintained that dip in gold price is ‘good opportunity’ for investors and buyers as overall sentiment of both gold and silver is bullish. They advised yellow metal buyers to maintain ‘buy on dips’ strategy till the gold price is above $1800 per ounce levels in the international market.
“This ₹311 dip is nothing but profit-booking as gold price had been rising for the last few trade sessions and some correction around ₹48,000 levels was awaited. However, this is a good opportunity for the gold investors and buyers as overall sentiment for both gold and silver is bullish. One can continue the buy on dips strategy till gold price in the international market is above $1,800 per ounce levels.”
Anuj Gupta of IIFL : Immediate Short-Term, Gold traders can buy gold at ₹47,500 for the target of ₹47,900 maintaining stop loss at ₹47,200. However, for the gold buyers and investors, Gupta advised to keep ₹46,800 as strong support and keep on buying till gold price is above ₹46,800 levels at MCX.
Silver Price Outlook & Reports
Asked about the gold and silver price outlook Sugandha Sachdeva, Vice President at Religare Broking Limited said, “Silver price may go up to ₹76,000 per kg in mid-term time horizon while in the long-term perspective the white metal is expected to go up to ₹85,000 per kg levels.
Gold Price Outlook & Reports
Similarly, gold price outlook is bullish and in mid-term we are expecting the yellow metal to touch ₹52,000 per 10 gm levels while in the long-term time-horizon, we are expecting gold price to hit ₹55,000 to ₹60,000 per 10 gm levels.”
Gold prices fell by Rs 212 to Rs 47,308 per 10 gram in the national capital on Tuesday with a decline in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,520 per 10 gram. Silver prices also declined by Rs 973 to Rs 70,646 per kilogram from Rs 71,619 per kilogram in the previous trade.
In the international market, gold was trading down at USD 1,834 per ounce and silver was flat at USD 27.34 per ounce.
“Gold prices traded under pressure on firm dollar and rebound in US bond yields,”.
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