Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Profit-booking– Next target for Gold and Silver is Rs 60000 and Rs 75000. But prices are over bought, some correction expected.
Long-term View (3-4months) – Positive – – Gold is on its way to touch $2020 (Rs60000) and Silver is on its way to touch $25 (Rs 80000)
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Union Budget and FED meeting both supported gold prices
- International News: –In line with market expectations, the US Federal Reserve increased interest rates by 25 basis points. The US FED managed to appease the gold buyers despite raising interest rates by 0.25 percent, as predicted by the market, and noting in its Monetary Policy Statement that inflation “has eased somewhat but remains elevated.
- Indian News– – There were two major announcements in Union Budget 2023 for Bullion Industry. Firstly, Import Duty on Silver bar increased from 10.75% to 15% at par with Gold and Platinum. Secondly, conversion of physical form of Gold into EGR and vice versa was exempted from Capital Gain Tax.