Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd
"Last week, Spot Gold prices gained 0.1 percent and Spot silver ended gained 1.7 percent to close at $24.6 per ounce as worries over the pandemic and uncertainties ahead of the upcoming U.S. election boosted the appeal for the safe haven, Gold. The U.S. currency weakened as House Speaker Nancy Pelosi reported progress in the talks with the White House Officials over the new corona virus relief fund by the U.S. before the upcoming elections. However, no concrete signs of an actual agreement kept the prices in check. Lower interest rates and enormous amount of liquidity infusion by global central banks helped Gold gains about 25 percent in 2020 as it is considered as a hedge against inflation and currency debasement. Gold Prices also found some support as reinforcement of the pandemic triggered curbs in Europe and global cases surpassing 41.7 million shifted investors to take shelter under Gold. As for today traders can go for buy in gold at Rs 50,500 levels with the stop loss of Rs 50200 levels for the target of 50900 levels. They can also go for buy in Silver at Rs 61,500 levels, with the stop loss of 60,800 levels and for the target of 62,700 levels."