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Published on 8/02/2021 10:46:13 AM | Source: Angel Broking Ltd

Last week gold prices corrected sharply by 4.22% By Anuj Gupta, Angel Broking

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Below are Views On Last week gold prices corrected sharply by 4.22% By Mr. Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd   
 
Last week gold prices corrected sharply by 4.22% and closed at 47256 levels. Silver prices were also corrected sharply by 1.39% and closed at 68738 levels. Announcement of lower custom duty in gold and silver was the main reason for correction in gold and silver, however weakness in dollar supported the gold and silver prices.

 

Weakness in dollar due to disappointing US Jobs data last week and lower US bond yield also increase the safe haven demand of Gold. Expectation of Relief package for US economy may also give support to the gold and silver prices.

 

As of today traders can go for buy in gold at 47000 levels with the stop loss of 46600 levels for the target of 47600 levels and also buy in silver at 68000 levels with the stop loss of 67400 levels and for the target of 69500 levels.

 

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