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Published on 15/10/2020 12:10:13 PM | Source: Angel Broking Ltd

Gold gained over 0.5 percent to close at $1900.9 per ounce By Mr. Anuj Gupta, Angel Broking Ltd

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Below is the Views On Gold gained over 0.5 percent to close at $1900.9 per ounce By Mr. Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd

“On Wednesday, Spot Gold gained over 0.5 percent to close at $1900.9 per ounce and Spot silver ended higher by 0.46 percent to close at $24.3 per ounce as lower Dollar and worries over global economic recovery boosted appeal for the safe haven, Gold. Gold revived after posting negative gains earlier in the week as political uncertainty in U.S. ahead of the elections and easing Dollar elevated the prices. Moreover, U.S. House Speaker Nancy Pelos kept the hope for a possible agreement over the new virus relief bill alive which underpinned the yellow metal prices. The gains were limited as as China’s economy continued to expand in September’20 reflecting the improvement in overseas demand and a balanced recovery boosted the risk appetite amongst investors. Moreover, the International Monetary Fund expressing worries over the outlook for many emerging markets as the virus continued to spread limited the losses for the safe haven, Gold. Uncertainties over the additional corona relief fund by U.S. underpinned the Dollar which might weigh on Gold prices. On the MCX, gold prices are expected to trade lower in today’s session. As for today traders can go for sell in gold at Rs 50,600 levels with the stop loss of Rs 51100 levels for the target of 49500 levels. They can also go for sell  in Silver at Rs 61,200 levels, with the stop loss of 61,700 levels and for the target of 59,800 levels.”

 

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