Gold price: Want to buy gold? Here is what you must do to make the biggest gain

Gold price: Well, festive season is here and everyone wants to buy gold and welcome Goddess Lakshmi into their house. Well, gold can be bought at a high price and at a low one. So, if you buy jewellery, it will not give you much in terms of profit when you sell it. So, don't do that, unless it is a gift for someone you love. Here you can find out how to buy gold and profit on it too. You will have to trade in it and what is more, you have to make a habit of it too.

Know that the outlook for gold and silver remains positive, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. He said that bullion today gaining sharply was on the back of recent correction. Gupta said that there are no real indicators to suggest the gains apart from the fact that the two precious metals have seen substantial corrections to see an upside again.       

Intraday strategy for MCX Gold traders:    

At 3:20 pm, the MCX December Gold Futures were trading at Rs 50,400, up by over 1.3 per cent from the previous close on Monday.  The prices today appreciated by Rs 652. He recommended selling in Gold Futures at Rs 50,700. He puts the stop loss at Rs 51,100 while the target price at Rs 50,000.  

The Delhi Spot Gold price was Rs 51,000.  

As for international prices, the December Gold Future on CME USD 1879.5 up by USD 25.7 

Intraday strategy for MCX Silver traders:    

The MCX December Silver Futures were trading around Rs 62,112 per kg around this time, almost 2 per cent up in comparison to the Monday closing. The Senior Analyst said that the investors should look to sell it around Rs 63,000, He puts the stop loss at Rs 64,000 while the target price at Rs 61,500.   

The silver spot price in Delhi was Rs 63,000, around this time. The international price of silver was USD 24.23 per ounce.   

Indicators:   

The news around Pfizer vaccine catapulted the markets. "Investors are truly optimistic and there`s not a whole lot of sellers out there," Reuters reported quoting Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield, Connecticut. "This optimism is reflected in multiple asset classes - stocks, Treasury yields, oil prices are up sharply, and gold prices are down sharply. 

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Gold prices slumped as investors pivoted away from the safe-haven metal in favor of riskier assets. 

Spot gold dropped 4.3 per cent to USD1,866.86 an ounce, the report further said.