Gold/Silver - Sep 11, 2020 - Angel Broking

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

"On Thursday, Spot Gold prices ended higher by 0.38 percent to close at $1954.1 per tonne as weakening of U.S. Dollar and bleak global growth prospects boosted the appeal for the safe haven, Gold. Dollar dipped as the Euro strengthened after the European Central Bank kept its policy unchanged. A lower Dollar makes Gold cheaper for other currency holders. Unemployment claims in U.S. continue to remain at high levels indicating towards a weaker labor market in the world's largest economy. Weak employment growth and increase in permanent job loss dented hopes of a paced economic recovery. Moreover, alarming increase in the covid-19 cases around the globe continued to weigh on the market sentiments.

Widening impact of the pandemic on the global economy continued to boost the demand for the safe haven, Gold. On MCX Gold prices have increased by 0.72% and closed at 51774 levels, Silver also increased by 0.80% and closed at 68991 levels. In international market spot gold is trading at $1938 per ounce and silver is trading at $ 26.60 per ounces. As for today traders can go for buy in gold at Rs 51,000 levels with the stop loss of Rs 50,500 levels for the target of 51,800 levels. They can also go for buy in Silver at Rs 67,000 levels, with the stop loss of 65,800 levels and for the target of 69,000 levels. In the Bullion index "Bulldex" traders can also go for buy at 16000 with the stop loss of 15850 and for the target of 16200."

Source : Equity Bulls

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