There’s this saying that you purchase gold, but never as an ornament but as Savings, for you may never know what the future holds. Gold price jumped today again, it’s a rise of Rs. 5,000 in less than two months! We can say that by today Gold will give you good returns. Not only Gold price increased but also the Silver edged higher in the Indian market today.
On MCX, gold futures were up 0.4% to ₹49,049 per 10 gram while silver rose 0.7% to ₹72622 per kg. In the previous session, gold had risen 0.62% while silver had gained 0.51%. Concerns about inflation, subdued US bond yields and US dollar and renewed coronavirus surge in many parts of the world has helped gold rebound in international markets.
Though due to restrictions on mobility, there’s still chances and worry of the Kotak securities, about recovery of Gold rates, as it has already hit a new low in March to Rs. 44,000 for per 10 gm. Though it has recovered but, there’s still a huge gap seen in last year’s Gold price, which was commendably high at Rs. 56,200.
“While gold prices stay above $1890 there are chances to continue the recovery upticks for the day. Anyhow, immediate intraday resistance is placed at $1925. A direct drop below $1845 would weaken the sentiment, but major downside reversal point is seen at $1810,” domestic brokerage Geojit said in a note.