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Published on 12/11/2020 2:58:06 PM | Source: Angel Broking Ltd

Yesterday gold prices fallen by 0.66% and closed at 50169 levels By Anuj Gupta, Angel Broking

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Below are Views On Yesterday gold prices fallen by 0.66% and closed at 50169 levels By Mr. Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd

“Yesterday gold prices fallen by 0.66% and closed at 50169 levels and silver prices also fallen by 0.80% and closed 62541 levels as the development and optimism on Covid-19 vaccine by P-fizer. End of uncertainty on US election as Biden won the 46th Presidential election in US this year also put pressure on Gold and supports the US Dollar. However physical demand and investment demand from china and India may support the prices of Gold and silver. Spot Gold is trading at $1876 per ounce and silver is trading at $24.16 per ounce. Traders are also shifting their funds from Gold to Equity market as optimistic equity markets after development on Covid 19 vaccine. The trend of Gold and silver now become sideways to down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 50,400 levels with the stop loss of Rs 50800 levels for the target of 49800 levels. They can also go for sell  in Silver at Rs 63,000 levels, with the stop loss of 63800 levels and for the target of 61700 levels.”

 

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