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Published on 16/10/2020 11:12:54 AM | Source: Angel Broking Ltd

MCX Gold increased by 0.34% and closed at 50712 levels By Mr. Anuj Gupta, Angel Broking Ltd

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Below is the Views On MCX Gold increased by 0.34% and closed at 50712 levels By Mr. Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd

“On Thursday, Spot Gold gained about 0.4 percent to close at $1921.9 per ounce and Spot silver ended higher by 0.12 percent to close at $24.3 per ounce as evident weakness in the U.S. labour market boosted appeal for the safe haven, Gold. The number of new claims for unemployment benefits in U.S. surged last week as the pandemic continued to hamper the world’s largest economy. MCX Gold increased by 0.34% and closed at 50712 levels however silver prices corrected by 0.11% and closed at 61,535 levels. Even 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. As for today traders can go for buy in gold at Rs 50,500 levels with the stop loss of Rs 50250 levels for the target of 51200 levels. They can also go for buy  in Silver at Rs 61,300 levels, with the stop loss of 60,800 levels and for the target of 62,400 levels.”

 

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