Today, recovery in gold and silver prices is seen. Gold has corrected from a 7-month low. Gold has been supported by the weakness in the dollar. However, with the increase in bond yields in the US, resistance remains at the upper level. Although gold has now come to the level of Rs 46,000 per 10 grams, it slipped below 46,000 last week. Since last week, gold has become cheaper by Rs 1000 per 10 grams so far.
Experts believe that this may be the right time to buy gold and silver and this is a good opportunity for investors to invest in gold. The outlook for gold looks much better than the current level. Gold prices are at Rs 46,000 per 10 gram level and the gold price on MCX has come down to May 2020 level.
Explain that at the beginning of the year, bullion experts had predicted that gold prices would cross Rs 60,000 in 2021, but now in the short term, experts are not very bullish on gold and silver.
It may be noted that due to the previous Corona crisis, people had invested heavily in gold. In August 2020, 10 grams of gold on MCX reached the highest level of Rs 56191 and it gave a return of 43% last year. Gold is trading at Rs 46300 per 10 gram level on MCX.
At the same time, there is a glow in silver. Silver futures on MCX are trading at Rs 69500 per kg with a gain of Rs 500. Due to weakness in the dollar, silver prices are rising. Shining in silver is also seen due to strong industrial demand. At the same time, it has also got support in base metals very fast.
Jateen Trivedi of LKP Securities says silver may be further strengthened. So it would be advisable to buy in silver. A target of Rs 71500 will be achieved in silver.