BUY Gold this Gudi Padwa; fundamentals remain strong; INVEST HERE

On this auspicious occasion of Gudi Padwa, if you are planning to buy Gold, here is what you must know. It is considered auspicious to buy gold on Gudi Padwa. People now have many options for buying gold. Visiting a jewellery shop is not the only way to buy gold. What are these options and whether you should buy gold at current levels?

The resurgence of coronavirus cases has made investments in gold favourable as investors are attracted to this asset class.

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This is the second consecutive year when Gudi Padwa is being celebrated under lockdown in Maharashtra, All India Gem And Jewellery Domestic Council Chairman Aashish Pethe said. Though there is some disappointment among the retailers, customers have been excited and are buying it through online modes. People are buying Gold coins, he said.

He said that Gold coins will be the best option to buy gold online. He said that the making charges are low and if one sells it later, there will be no loss and can be sold anywhere.

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Another expert Chirag Mehta of Quantum Mutual Fund said that the prices of Gold at current levels are very attractive. He said that the overall fundamentals of this precious metal remains strong. The weakness in Rupee has also lifted the prices, he added. Investors looking for long term investment can go ahead and buy it, he said.

He advises 10-15 per cent allocation in gold.

For Trading

Manoj Jain of Prithvi Finmart gives the intraday trading call. He said the momentum is good but volatility is high. He said that the right levels to buy Gold is at Rs 46,300-46,350. He puts the target price between Rs 46,700 and Rs 46,800. He puts the stop loss at Rs 46,100.