Markets News

Yellow metal grips above Rs 49,100 – Good time to buy on dips

Tracking a muted movement in the International spot prices, the gold prices again fell in the Indian markets on January 25, 2021.

According to the experts, it is a good time for the investors to buy any dip towards Rs 49,000 for target of Rs 49,000 per grams.

Further, the February contracts on the Multi-Commodity Exchange (MCX) were trading below by 0.04 percent. To be more precise, it was trading at Rs 49,110 per 10 grams at 0920 hours.

On the other hand, the March silver was also trading at Rs 66,871 per kilogram at 0.34 percent lower.

Gold came under tiff pressure amid improvement in the US Dollar. But hopes are still high with the Dollar stimulus.

Both the metals closed at a weaker note in the global markets on January 22. Further, the February gold futures contracts closed at $1,855.30 per troy ounce.

Simultaneously, the March silver contracts also settled at $25.55 per troy ounce.

The domestic market closed weaker amid decline in the gold and silver values on January 22.

Even though the condition is very bad, but still buying can be possible around 48,800 with the stop loss of 48,550 for the target of 49,400 for gold.

Also, silver can be purchased with the stop loss of 65,000 for the target of 67,200 on the dips around 65,800.

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