Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd
"On Monday, Spot Gold prices gained 0.05 percent to close at $1901.7 per ounce as worries over the pandemic and uncertainties ahead of the upcoming U.S. election boosted the appeal for Gold; however, appreciating Dollar capped the limited the gains. MCX Gold increased by 0.18% and closed at 50930 levels and silver prices corrected by 0.87% and closed at 61906 levels yesterday. Many European nations reinforcing lockdown and coronavirus cases hitting record highs in U.S. dented markets risk appetite and shifted the investors towards the safe haven asset, Gold. U.S. House Speaker Nancy Pelosi continued to hope for a possible deal with President Donald Trump's administration over the relief fund. She also vowed to continue going after a financial aid for the U.S. economy which was shackled by the pandemic irrespective of the outcome of the U.S. elections. Weaker U.S. Dollar amid worries over the implacable virus might drive the investors under the safe haven for gold. As for today traders can go for buy in gold at Rs 51,000 levels with the stop loss of Rs 50700 levels for the target of 51500 levels. They can also go for buy in Silver at Rs 62,000 levels, with the stop loss of 61,300 levels and for the target of 63,300 levels."