Gold / Silver - October 8, 2020 - Angel Broking

Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd

"On Wednesday, Spot Gold ended higher by 0.54 percent to close at $1887.2 per ounce and Spot silver gained over 3.2 percent to close at $23.8 per ounce as additional stimulus demanded by U.S. President Donald Trump boosted appeal for the safe haven, Gold. On MCX Gold prices corrected 0.95% and closed at 50048 levels. Silver also corrected by 0.25% and closed at 60419 levels. After calling off the negotiations over further stimulus aid with the democrats until the upcoming elections, Donald Trump asked Congress to infuse $25 billion in new payroll assistance to U.S. passenger airlines in order to help ten thousands of workers maintaining their jobs. Hopes over further coronavirus relief fund levied support for the Gold as it is considered as a hedge against inflation and currency debasement. Moreover, weaker Dollar and worries over the widening impact of the pandemic also elevated the yellow metal prices. As for today traders can go for Buy in gold at Rs 49,900 levels with the stop loss of Rs 49600 levels for the target of 50400 levels. They can also go for Buy in Silver at Rs 60,000 levels, with the stop loss of 59,300 levels and for the target of 61,500 levels."

Source : Equity Bulls

Keywords