India Gold December Futures trades flat with a negative bias on Friday following a muted trend seen in the international spot prices. Experts are of the view that investors can look to buy the yellow metal on dips for a target of Rs 50800-51000 per 10 gm.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.05 percent at Rs 50,689 per 10 gram at 0920 hours. December silver futures were trading 0.14 percent higher at Rs 61,619 per kg.
Both the precious metals showed extreme volatility on Thursday. Gold and silver prices slipped in early trading sessions amid strength in the dollar index due to a rise in coronavirus cases in the United States.
Investors turned cautious after rapidly rising coronavirus cases in the United States and put safe-haven bets in the dollar again, suggest experts. The dollar index gained around 0.50 percent and pushed global equities and commodities lower.
Gold settled with minor gains at $1908.90 per troy ounce and silver settled with a loss of 0.70 percent at $24.22 per troy ounce. Gold settled higher at 50712 per 10 gram while Silver settled at $61535 per one kilogram.
“Any decline in the prices will be an opportunity to buy in both the precious metals at lower levels. Gold can be bought around the 50300-50200 range with a stop loss of 50050 for the target of 50800-51000,” he said.
Jain further added that Silver can also be bought on decline around the 60300-60000 range with a stop loss placed at 59500, and a target of 61800-62500 levels.
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