Gold Price Today If you are considering investing in bullion, here’s what you need to know! Aggressive buying, now, will not give a good return on gold and silver investments. Zee Business expert Anuj Gupta explains the strategy to adopt when planning investments in gold and silver. It also gives crucial levels for intraday trading on MCX Gold and Silver futures contracts.
Gupta, who is assistant vice president, commodities and currency research at Angel Broking, said there are many options for investing in gold. This includes buying in the physical market, ETFs, Sovereign Gold Bonds (SGBs) and MCX futures. He cautioned against timing, however.
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Gupta recommended selling gold. He also recommended the figures involved. He said he was selling gold at Rs 49,000. He set the stop loss at Rs 49,400 while the target price at Rs 48,300.
Prospects for gold and silver
The technical analyst said he expects a correction in the price of gold and silver and that may not be the right time to engage in aggressive bullion buying. Gupta said the short-term outlook for gold and silver is weak, although the medium and long-term situation remains intact.
US President-elect Joe Biden taking the Oval Office will bring a lot of stability. It might take a bit of shine on gold and silver. Gold is a safe haven for investors in times of uncertainty.
Additionally, the US dollar and bond yields have followed a recovery path from lower levels, he added. This will likely trigger a correction, he added.
The national indicators are the 2021 budget, where the gemstone and jewelry sector is calling for a reduction in import duties from over 12 percent currently to around 6 percent. He said people should wait until the 2021 budget is presented on February 1.
Another request is to relax the rules regarding KYC’s requirements to buy jewelry, gems and other gems. Under this, the buyer is required to give the details of PAN and Aadhaar for purchases made above Rs 2 lakhs.
Gold investment strategy The spot price of gold is around Rs 50,000 per 10 grams. He expected the price to be around 47,000, which should be the right level to invest in physical gold.
As for February MCX gold futures, the yellow metal was trading at Rs 48,853 per 10 grams, down nearly 0.9% from Wednesday’s previous close.
Silver investment strategy
The price of silver was Rs 65,170. MCX March Silver futures were trading at Rs 65,135 per 1kg at that time, down more than 1.3%. He recommended to sell at Rs 65,800. The stop loss is Rs 66,600 and the target price is Rs 64,500.
He recommendsWAIT and WATCHstrategy.
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