Markets News

Gold trades at a flat rate – Buy for target of Rs 48,300

Gold is again trading at a flat rate but with a positive bias on February 10 on the back of positive global spot prices.

The India Gold MCX April futures are trading positively in the current prevailing session.

April gold contracts were trading at higher levels by 0.2 percent on the Multi-Commodity Exchange or the MCX. It was settled around Rs 48,050 for per 10 grams at 09:20 IST.

Moving forward, also the March Silver futures were trading at the same rate. March Silver futures were trading by 0.20 percent higher at Rs 69,850 per kilogram.

According to the experts, the precious metals can remain volatile in the upcoming sessions. But also finding support near the lower levels is also important.

Gold is currently supported on the back of increased US stimulus hopes, mixed economic data and the expectations of higher demand from China during the Lunar New Year.

The COMEX gold trades were around marginally higher rates near $1841/oz after gaining by 0.2% in yesterday’s session.

Experts suggests buying gold around Rs 47,750 with the stop loss of Rs 47,500 for a target of Rs 48,300. Also, traders can buy silver around Rs 69,500 with stop loss below the Rs 68,800 levels as per the target of Rs 71,000.

Right now, the International Gold and Silver has extended gains with the falling of US dollar on Tuesday.

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