Bullion Price Outlook Today: Gold gains as dollar slips; Know expert’s strategy to trade in MCX Gold, Silver!

The rising number of coronavirus infections may dent the overall global economic recovery creating a fresh traction towards the yellow metal, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking. The outlook for Gold and Silver remains positive Gupta said. 

While the yellow metal witnessed some weakness on Monday on the back of a stronger dollar, it rebounded on Tuesday as the dollar index slipped. 

Gupta also gave his intraday strategy for today.    

Intraday strategy for MCX Gold traders:  

At 4:30, the MCX December Gold Futures were trading at Rs 50,775, down by 03 per cent from the previous close on Monday. Gupta suggested buying in Gold futures on dips. He said that the levels for buying could be around Rs 50,800 and below. He puts the stop loss at Rs 50,500 while the target price at Rs 51300.  

The Delhi spot gold price was Rs 51,000 per 10 gm, Gupta said. As for the international price, this precious metal could trade around levels of USD 1906 on the intraday basis. The December Futures were trading at USD 1901.8 (05:57:57 CT) around this time.  

Intraday strategy for MCX Silver traders:  

The MCX December Silver Futures were trading around Rs 62,048 per kg around this time, up by almost 0.23 per cent from the previous close. The Senior Analyst said that the investors should look to buy it around the existing levels. He puts the stop loss at Rs 61,500 while the target price at Rs 63,500. 

The Delhi spot price was Rs 63,000. As for international price, the Silver Futures were trading around USD 24.4.  

Gold prices rose on Tuesday as a weaker dollar and a fresh wave of coronavirus infections threatened to further slowdown a global economic recovery from the COVID-19 pandemic, bolstering bullion`s safe-haven appeal, Reuters reported. 

"The resurgence of COVID-19 is leading to a broader risk-off sentiment in global markets and this is supportive of safe-haven assets," said Harshal Barot, senior research consultant for South Asia at Metals Focus. 

"Investors are clearly not bearish on gold at the moment... Long-term investors continue to hold gold amid the broader uncertainty, be it the U.S. elections or the pandemic," the report further said quoting Barot added. 

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Many countries, including the United States, Russia and France, are setting records for COVID-19 infections and forcing some of them to impose new restrictions, risking derailing any global economic recovery.