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Commodities
Gold and Silver - Sep 30, 2020 - Angel Broking
Posted On : 2020-09-30 10:58:32( TIMEZONE : IST )
Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd
As expected yesterday gold prices increased by 1.03% and closed at 50,652 levels and silver increased by 3.43% and closed at 62,466 levels. Weakness in dollar supports the gold and silver prices as a safe haven investment.
On Tuesday, Spot gold ended higher by 0.90 percent to close at $1897.70 per ounce as a weaker Dollar and expectation of further stimulus aid by U.S. supported the yellow metal prices. Political uncertainty supports the Gold as a safe haven assest against the dollar. The Demand of gold etf also increased. Gold prices might remain steady as markets will have a keen eye on the first presidential election debate between U.S. President Donald Trump and Democratic rival Joe Biden ahead of the November'20 elections.
As for today traders can go for buy in gold at Rs 50,300 levels with the stop loss of Rs 50,000 levels for the target of 50,900 levels. They can also go for buy in Silver at Rs 61,200 levels, with the stop loss of 60,400 levels and for the target of 62,500 levels.
