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    Home Commodity market: pressure on gold-silver prices, new guidelines on gold monetization scheme released
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    Commodity market: pressure on gold-silver prices, new guidelines on gold monetization scheme released

    InvestPolicyBy InvestPolicyFebruary 11, 2021Updated:February 28, 2021No Comments3 Mins Read
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    Today, there is pressure on gold and silver prices. The softening US inflation data has put pressure on prices. Apart from this, the dollar has recovered slightly from the lower level. Apart from this, the government has released new guidelines to increase participation in the Gold Monetization Scheme.

    GMS new guidelines

    New guidelines for Gold Monetization Scheme have been released. In this, all PSU banks have been advised to participate in GMS. 1/3 of PSB branches will be made GMS service branches. Private banks have also been advised to participate in GMS. Now R-GDS certificates will be tradable and transferable and jewelers will be made gold mobilization agents. According to the new guide lines, jewelers will do purity check and collection. Banks and refiners will have to tie up with CPTC. Banks will get 1 percent commission and 1.5 percent handling charge.

    Under Revised GMS, a deposit of at least 10 grams has to be maintained. There will be no upper limit for depositing gold under R-GMS. Portal for GMS process, App will launch and SBI Custodian for MLRGD Gold.

    Weakness in sleep

    Gold has slipped below Rs 48000 on MCX. US inflation data has put pressure on prices. Gold is also weak due to recovery in dollar.
    The US Treasury Yield Decreasing Price Support.

    Dull silver move

    Silver on MCX is trading close to Rs 68000. US inflation data has put pressure on prices. Silver is also weak due to recovery in dollar.

    Tricks of crude and metals

    Crude is seeing pressure from the 13-month high, but Brent remains above $ 61. Crude decline is due to profit booking. But today there is a mixed trend in metals.

    Agri commodity

    Oil-oilseed prices are under pressure today. The impact of weakness in foreign markets is visible on domestic prices. BMD CPO is profitable after 5 days, while CBOT soybean is also seeing weakness.

    Investment advice by Ravindra Rao of Kotak Securities

    SELL COPPER @637 TGT 630 SL 640

    BUY GOLD @ 47700 TGT 48100 SL 47550

    BUY SILVER 68000 TGT 69400 SL 67300

    SELL CRUDE OIL @4280 TGT 4200 SL 4320

    Investment advice by Ajay Kedia of Kedia Commodity

    BUY GOLD APR @ 47500 SL 47000 TGT 48200

    BUY CRUDE FEB @ 4200 SL 4140 TGT 4350

    BUY NICKEL FEB @ 1345 SL 1330 TGT 1380

    BUY COCUDAKL MAR @ 2220 SL 2160 TGT 2350

    BUY TURMERIC APR @ 7300 SL 7100 TGT 7800

    SELL CHANA MAR @ 4620 SL 4700 TGT 4550

    Gold Prices Today, Gold and Silver prices surged after the positive trend seen in the international spot prices

     

    a Base metals Commodity Commodity market Copper Crude oil gold Lead MCX Natural gas NCDEX Nickel silver Zinc
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