Low trading in Gold; expert suggests to buy

The trading in the international spot prices for gold stunted on Wednesday despite the positivity in the US economy.

As per the record, the Multi-Commodity Exchange gold June traded at Rs 45,798 for 10 grams on 0920 hours. The trading went low by 0.26 percent.

On the other hand, the silver traded at a lower of 0.29 percent and price of Rs 65,705 a kilogram.

Also, on commodity exchange gold traded lower around $1,739 per ounce. This recorded after a rise of 0.8 percent.

The reports mentioned, that gold trading went lower even in the middle of positivity in the US economy. Also, the steady fund flows and surge in vaccination had no impact on the trading.

According to an expert, the supporting point is the Achilles heel in the US dollar. Also, the increased cases of the virus, an aggressive initiative of Federal banks includes in the reasons.

On April 6, both gold and silver ended with favorable points in the global market. The metals’ price moved up despite frailty in the dollar index. Besides, prices of crude oil bounced back.

Additionally, the prices of both gold and silver closed positive in the Indian market too.

As per the expert advice the investors should buy gold at dropped prices with a target of Rs 46,150. Also, they suggest buying silver for a target price of Rs 66,500.

The price of the metals in the global market rose due to the support of IMF to the Federal Bank.

The range estimated for gold on April 7 is Rs 45,550-46,350 whereas for silver is Rs 65,300-66,700. The metals trade on MCX under MCX gold June and MCX silver May.

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