Gold and Silver Rate dropped in Indian Markets

On Tuesday, Indian Gold Rate in the previous session was dropped by 5 per cent tracking a positive trend seen in the international spot prices.

On the Multi-Commodity Exchange (MCX), the gold was trading higher by almost 0.95 per cent.

Experts are of the view that investors can avoid going short but look to buy the dip in precious metals.

On Monday, the gold and silver prices went down because of the COVID-19 vaccine had a success rate of 90 per cent.

The news from the company which is making the vaccine says that the COVID vaccine is very promising.

After august gold plunged 5 per cent to hit its biggest single-day and silver also came crashing down to almost 8 per cent.

Domestic markets were also settled on a weaker note.

Trading strategies:

1. Sriram Iyer: On Tuesday the prices of gold and silver came crashing down after hearing the news of first COVID vaccine.

Domestic gold and silver crashed on Monday, tracking overseas prices.

2. Ravindra Rao: Gold may witness bad trade as market players assess the current worsening virus situation against the prospect of a vaccine.

The situation can get worse so the prices will see a very much gap on a daily basis.


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