Posted On:
2020-11-18 23:51:39
(Time Zone: Arizona, USA)
Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd
"On Wednesday, Spot Gold prices ended lower by 0.38 percent to close at $1871.4 per ounce and Spot silver ended lower by 0.63 percent to close at $24.3 per ounce as the optimism over a potential vaccine continued to hamper the appeal for Gold, the safe haven asset. U.S. drug maker Pfizer Inc stated that they were ready to apply to the U.S. and European authorization for their vaccine next month after successful results in the final trial. The losses for the yellow metal were limited as a lower Dollar amid increasing coronavirus cases kept a lid on markets risk appetite. Worldwide reported coronavirus cases have surpassed 55 million with a death toll of more than 1.33 million. Moreover, global Central banks are expected to continue with their accommodative stance in the coming months to help the economy revive to the pre pandemic levels which is supportive for Gold. Hopes over a potential vaccine against the covid19 virus coupled with a stronger U.S. Dollar might weigh on the yellow metal prices. As for today traders can go for sell in gold at Rs 50300 levels with the stop loss of Rs 50600 levels for the target of 49800 levels. They can also go for sell in Silver at Rs 62,300 levels, with the stop loss of 63000 levels and for the target of 61000 levels."
