Gold can be bought around Rs 38,250 with a stop loss of Rs 38,050 for a target of Rs 38,600. Silver can be bought around Rs 45,500 with a stop loss of Rs 45,200, and a target of Rs 46,100.
Gold erased all gains and traded with losses in futures trade on October 9 as a sharp rise in riskier equities dented the appeal of safe-haven assets.
Sensex jumped 650 points and Nifty traded above 11,300 in afternoon trade.
However, escalated trade tensions between the US and China capped the losses of gold.
The yellow metal's December futures traded at Rs 38,334 per 10 gram, down Rs 49 or 0.13 percent on the MCX around 1515 hours IST.
Gold and Silver prices bounced back from the lows after downbeat US PPI Data, Brexit fear, and a selloff in global equities. Ahead of US-China trade talks, US blacklisted 28 Chinese entities that prompted safe-haven buying.
“Trade tension between the US and China escalated which supports gold prices and it crossed $1500 per troy ounce, silver prices also sustain above $17.40 per troy ounce,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.
“Gold prices at MCX closed above Rs 38,300 and silver prices closed above 45800 levels. We expect gold and silver prices remain firm and any dip in the prices will be an opportunity to buy again,” he said.Jain further added that Gold can be bought around Rs 38,250 with a stop loss of Rs 38,050 for a target of Rs 38,600. Silver can be bought around Rs 45,500 with a stop loss of Rs 45,200, and a target of Rs 46,100.The Great Diwali Discount!
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