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Gold price today: Yellow metal breaks below 39K; adopt ‘buy on dips’ strategy

Profit booking at higher levels pushed India Gold February futures below 39,000 on December 28, but investors could use buy on dips strategy as geopolitical concerns could push the demand for the yellow metal.

International Gold prices inched up on Monday, holding below a near two-month peak hit in the previous session, as investors hedged against risks in thin year-end trading after US military strikes in the Middle East, said a Reuters report.

On the MCX, Gold contracts for February were trading lower by Rs 87, or 0.22 percent, at Rs 38,993 per 10 gram at 0920 hours.

Gold and Silver prices gained last week amid the New Year holiday season. Gold and Silver prices reached fresh 7-Weeks high in the international market. Spot Gold closed at $1,513 per troy ounce and Silver prices closed at $17.80 per troy ounce in the international market.

At MCX, Gold prices crossed 39,000 mark and Silver prices closed above 46,800 levels. Weakness in the rupee also supported prices in the domestic market.

Experts are of the view that dips, if any, should be used to buy for a target of Rs 39,200-39,400 levels while Silver could extend rally towards 47,100-47.500 levels.

Courtesy - Moneycontrol.com

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