Gold & Silver - October 6, 2020 - Angel Broking

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

As expected yesterday gold prices increased by 0.11% and closed at 50,626 levels and silver increased by 1.30% and closed at 61,941 levels. Weakness in dollar supports the gold and silver prices as a safe haven investment. Expectation of package for US Economy and recovery of Mr Trump from corona virus also give boost to the major commodities like base metal and crude oil.

On Monday, Spot Gold gained over 0.75 percent to close at $1912.9 per ounce and Spot silver ended higher by 2.7 percent to close at $24.4 per ounce. As for today traders can go for buy in gold at Rs 50,300 levels with the stop loss of Rs 50,000 levels for the target of 51,200 levels. They can also go for buy in Silver at Rs 61,700 levels, with the stop loss of 61,000 levels and for the target of 63,300 levels.

Source : Equity Bulls

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