Markets News

Gold & Silve Rate Update – Post Diwali & after Moderna Vaccine news

On 17th November Tuesday, gold was seen doing not so well in the international markets because of the constant number of cases increasing.

There are a number of infections rising and because of that, there is a chance of having restrictions very soon.

On Monday there was a drop of about 1.6 per cent after drug maker Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19.

December gold contracts were trading higher by 0.04 per cent and silver were trading 0.05 per cent lower.

Gold and silver settled steady on Monday because of the COVID vaccine.

Manoj Jain said that: vaccine news is good for the global economy but pandemic has already damaged the global economy and it will take a long time to recover.

We expect gold and silver prices to get support at lower levels and buy on decline strategies still work in both the precious metals.

let’s see the trading strategies:

1. Sriram Iyer:

The prices of gold and silver rebounded because of the increasing cases of COVID and the news of vaccine.

The gold and silver in the domestic is lower and also in the international market.

Domestic bullion could trade flat this Tuesday morning, tracking a subdued start in the overseas prices.

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