Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – As Gold and Silver have retraced, prices are oversold, and we could see bottom fishing supporting prices this week. Long-term View (3-4months) – Positive – Any dips towards 50000-51000 and 62000-63000 should be used as buying opportunities for the target of 55000 and 75000 for Gold and Silver respectively
Important News and Triggers
- International News – – Dollar index has sustained above 100 for entire week leading to US dollar (USD) climbing to 20-year high levels.
- Demand & Supply – Global central bank gold reserves fell by 4t in March, flipping back to net sales following healthy net purchases of 32.3t in February.
- Economic Data – US FED’s upcoming meeting and Fed officials announcing interest rate hike by 50 bps in next week’s meeting worked as a break on any rise in gold price.
- Domestic News–Augmont has come with offer of “Sone pe Chandi Free” this Akshaya Tritiya, where you get equal grammage of Digi Silver free on purchase of Digi Gold.