Gold worth at Multi Commodity Exchange (MCX) dipped ₹311 after closing at ₹47,640 per 10 gm mark on Tuesday. However, silver worth continued to scale and closed ₹338 increased from its Monday shut. Silver on Tuesday had a closing worth of ₹71,882 per kg. However, commodity consultants have maintained that dip in gold worth is ‘good alternative’ for buyers and patrons as general sentiment of each gold and silver is bullish. They suggested yellow steel patrons to keep up ‘buy on dips’ technique until the gold worth is above $1800 per ounce ranges within the worldwide market.
Speaking on the gold worth outlook for short-term Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities mentioned, “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 Securities mentioned that in speedy short-term, gold merchants should buy gold at ₹47,500 for the goal of ₹47,900 sustaining cease loss at ₹47,200. However, for the gold patrons and buyers, Gupta suggested to maintain ₹46,800 as robust assist and carry on shopping for until gold worth is above ₹46,800 ranges at MCX.
Asked in regards to the gold and silver worth outlook Sugandha Sachdeva, Vice President at Religare Broking Limited mentioned, “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. 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.”
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