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"We advise investors to keep a buy on dips policy in gold till a clear direction from US Fed," said Ravi Singh, Vice-President, ShareIndia.
The Indian bullion market continued its momentum on November 12 in the early trading session. The 24-carat variant of the yellow metal was trading at Rs 49,243/10 gm, up by Rs 103/10 gm from previous day’s price of Rs 49,140/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was trading at Rs 45,107/10 gm, up by Rs 95 from previous day’s rate of Rs 45,012/10 gm.
“Gold prices are continuing the bullish trend due to this dovish expectation. We advise investors to keep a buy on dips policy in gold till a clear direction from US Fed. In the recent meeting, the tone of Fed was slightly dovish and the US central bank signaled to reduce bond purchase by $15 billion/month,” said Ravi Singh, Vice-President, ShareIndia.
Silver breaches Rs 67,000/kg
Like the yellow metal, white metal was also trading at high levels on November 12. Silver was trading at Rs 67,016/kg on November 12. It jumped by Rs 668/kg from Thursday’s price of Rs 66,348/kg, according to the rate provided by IBJA.
Silver breached Rs 67,000/kg zone for the first time since August 2021.
“Gold and silver both showed superb buying from the bottom level on November 10 and 11 trading sessions. Both metals are continuously rising over the past six trading sessions. As per technical charts at current prices both metals are looking risky for fresh buying,” an industry expert told Money9.