Is it time to Buy Gold, Silver? Is yellow metal headed for correction? See EXPERT view
London (Jan 18) Are you planning to buy Gold or Silver? Should you invest now or wait? How to maximise gains from investments in Gold and Silver? Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking gives the strategy to invest in the precious metals. Know what to do keep in mind while buying gold and silver in physical markets or MCX.
Gold, Silver Spot Price today
The spot price of physical gold and silver in Delhi was around Rs 49,500 per 10 gm and 66,500 pr kg at the time of filing of the story.
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Gupta said that this is not the right time for buying Gold or Silver as the precious metals are likely to see some correction from the current levels. He advises a Wait and Watch strategy and says that buying on dips is advised.
MCX Gold, Silver Futures – Anuj Gupta trading strategy
At 2:15 pm, the February Gold Futures were trading around Rs 48,840 per 10 gm, up by almost 0.3 per cent from the previous close on Friday. He recommended a Sell onMCX Gold Futures at Rs 49,000. He puts the stop loss at Rs 49,300 while the target price at Rs 48,400.
As for March Silver Futures, the price was Rs 65,400 per kg which was up by almost 1 per cent. He recommended a Sell on it at Rs 65,500. He puts the stop loss at Rs 66,200 while the target price at Rs 64,000.
Gold, Silver Price Movement
The Senior Technical Analyst said that the medium term trends were positive amid likelihood of correction in the near term. He said that the Under the Joe Biden dispensation, the US Dollar index is expected to firm up as has been indicated. This could trigger a downward movement in the global prices of Gold and Silver.
He also said that the Budget 2021 is also due on 1 February and there are chances that some announcement could come on the custom duty revision, which is currently around 12 per cent. The industry has been demanding to reduce it by half, he added. If the the government obliges, the prices would come down significantly.
He said investors should wait till the budget announcements are made.
Reuters
