Markets News

Buy Gold on dips towards Rs 47,000 as the yellow metal trades lower

The yellow metal was trading in red signals in the Indian stock market today on the back of stagnancy in international spot prices.

This rally was however not limited to the yellow metal only, silver also started the day with red signals.

April gold contracts were trading lower by almost 0.13 percent on the Multi-Commodity Exchange (MCX). Gold was trading at the price of Rs 47,195 per 10 grams.

Also, the March Silver futures too were trading at Rs 68,555 per kilogram. Silver is currently trading at low by 0.27 percent.

Also, both the metals can remain volatile but buying can still be possible. As per the expert’s opinion, investors can buy gold on dips with regard to Rs 47,000 for a target of Rs 47,440.

Both of the precious metals closed on a positive note in both international and the domestic markets on February 5.

In the last session, the Gold April futures contract closed at Rs 47,256 for per 10 grams. Whereas, the March Silver futures ended at Rs 68,738 per kg.

Meanwhile, the Gold prices grips around $1,800 per troy ounce on the weekly charts. With this, both the metals can remain volatile for this week as per the experts.

Currently, the yellow metal has support around $1,800-1,784 and resistance in the range of $1,828-1,844 per troy ounce.

On the other hand, silver too has resistance of $27.70-28.20 per troy ounce. Also, silver has a support near $26.40-25.88 levels.

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