Gold Rate: Gold futures cheaper by Rs 1000 in two days, should you buy?

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Traders are eyeing the announcement of the monetary policy of the European Central Bank. Hopefully the Central Bank can continue the bond purchase program.

ET Online|

Dec 10, 2020, 09.52 AM IST

Traders are eyeing the announcement of monetary policy of the European Central Bank. Hopefully the Central Bank can continue the bond purchase program.
new Delhi: Gold and silver prices fell on Thursday in the domestic futures market. In early trading today, gold futures for February delivery on MCX was down 0.02% at 49,250 per 10 grams, while silver futures rose 0.2% to 63,635 per kg. In the previous session, gold futures slipped 1.8% or Rs 920 per 10 grams, while silver was down about 1,800 or 2.7% per kg.

See gold silver prices and other details

In the international markets, the spot gold rate fell 0.2% to USD 1,835.11 an ounce amid a stable US dollar. Silver fell 0.3% to $ 23.85 an ounce, while platinum rose 0.2% to $ 1,003.07 and palladium gained 0.7% to end at $ 2,279.83.

Traders are eyeing the announcement of monetary policy of the European Central Bank. Hopefully the Central Bank can continue the bond purchase program. Also, interest rates can be further softened.


Brokerage gave this advice


According to Anuj Gupta, deputy vice president (commodity and currency) of brokerage firm Angel Broking, selling gold on MCX is advisable. Sell ​​gold on MCX in February futures around Rs 49,500. Apply stoplas at a price of Rs 49,800 and target Rs 48,700 per ten grams in two trading sessions.

At the same time, silver sold in December futures around Rs 63,800. Apply stoplas at a price of Rs 64,300 and target Rs 62,500 per kg. He says that no concrete decision has been taken in the US regarding the stimulus package. In such a situation, pressure can increase in sleep.

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Topic

Gold price

Gold rate

America

MCX

Silver price

Futures Market

Central bank

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