Gold rises above Rs 48,000. What should you do?
India Gold MCX April Futures were trading flat with a positive bias on February 10, tracking positive trends in international spot prices.
On the Multi-Commodity Exchange (MCX), April gold contracts were trading higher by 0.25% at Rs 48,068 for 10 grams at 10.10 am.
March silver futures were trading 0.27% higher at Rs 69,885 a kg.
On February 9, gold prices increased by 0.23% and closed at 47948 levels, however silver prices corrected by 0.55% and closed at 69,696 levels.
Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking, believes the trend of gold and silver are positive on the back of increased expectations of relief package for US economy.
“Higher crude oil prices also support bullions against inflationary pressure. So for short term, we are recommending buy in gold and silver,” he said.
As for the strategy for today, Anuj Gupta recommends a ‘Buy’ on Gold at Rs 48,000 with a stoploss of Rs 47,600 and a target price of Rs 48,600 & a ‘Buy’ on Silver at Rs 69,500 level with a stoploss of Rs 68,700, and a target of Rs 70,800.
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