Manoj Kumar Jain of Prithvi Finmart suggests buying MCX gold on dips around Rs 59,600 per 10 grams with a stop loss of Rs 59,330 for the target of Rs 60,060.
The sentiment, however, remains upbeat. Concerns about a possible recession, failing banks and collapsing dollar could propel gold prices on MCX to a record high of Rs 65,000 , says Axis Securities's Pritam Patnaik
Even as buying activity remained high on the auspicious day of 'Akshaya Tritiya', both the precious metals tumbled today on weak global cues. Silver nose-dived by Rs 6,000 to Rs 53,200 per kg and gold plummeted by Rs 225 to Rs 22,120 per 10 grams
As buyers flock the market to buy gold and silver this Akshaya Tritya, the commodity space on the street has been action packed as well.
Gold and silver traders bought the metal at record prices to stock for the upcoming Akshaya Tritya, a gold buying festival, and the wedding season expected to extend till May, providing underlying support to world prices, dealers said.