(Time Zone: Arizona, USA)
Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd
"On Tuesday, Spot Gold gained 0.27 percent to close at $1906.8 per ounce and Spot silver ended higher by 0.95 percent to close at $24.6 per ounce as worries over resurgence of the covid19 pandemic and a weaker Dollar supported the prices. On MCX Gold prices increased by 0.06% and closed at 50961 levels and silver prices increased by 0.61% and closed at 62,281 levels. Alarming increase in the coronavirus cases around the globe clouded the global economic outlook. Many nations reinforced fresh lockdown which dented markets risk appetite and shifted the investors towards the safe haven asset for gold. While no major signs of any additional relief fund by U.S. limited the gains for Gold, House Speaker Nancy Pelosi continued to hope for a possible deal with President Donald Trump's administration before the upcoming November'20 Presidential 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 50,700 levels with the stop loss of Rs 50500 levels for the target of 51300 levels. They can also go for buy in Silver at Rs 61,700 levels, with the stop loss of 61,200 levels and for the target of 62,700 levels."