Mumbai: Gold Silver Rate Today 17 June 2020: Due to increasing tension between India and China, on Tuesday there was an increase in safe investment demand in Gold and Silver (Gold Silver Price Today). In the last session, gold in the overseas market (Spot Gold Rate) rose by over 1 percent to close at $ 1,737 an ounce. At the same time, silver also closed around $ 17.66 an ounce with a strength of about 2 percent. Talking about the domestic futures market, on Tuesday, gold and silver closed close to Rs 47,500 and Rs 48,300 respectively on MCX.
20 Indian soldiers martyred at LAC: sources
Experts say that tensions between the two countries have increased significantly due to reports of violent clashes between India and China in the Galvan Valley. According to reports from ANI, at least 20 Indian soldiers have been martyred on the Line of Actual Control (LAC) between India and China. According to sources, it is also reported that the number of wounded and killed soldiers of the Chinese army is also more than 43. In such a situation, due to the increasing tension between India and China, the price of gold and silver may increase rapidly. Today i.e. Wednesday (17 June 2020), to know the strategy of trading in gold and silver (Today Gold Silver News), experts get to know their opinion.
Experts about trading in gold and silver
According to Manoj Kumar Jain, Director (Commodity and Currency) of Prithvi Finmart Pvt Ltd, Manoj Kumar Jain, there are chances of fluctuations in gold and silver in today’s business as well. They say that if the price of gold in the domestic futures market hovers above Rs 47,500, then it can go up to the upper level of Rs 47,750-47,900. Currently, significant support of Rs 47,100 will remain in gold. If silver stays above Rs 48,300, then the price can go up to the upper level of Rs 48,800-49,100. Silver is expected to remain strong support of Rs 47,500 for today. He says that for new purchases in gold and silver, one should wait for the decline.
According to Angel Broking Deputy Vice President (Energy and Currency) Anuj Gupta, in today’s trading, gold on MCX can be purchased in August futures at a price of Rs 47,300 for a target of Rs 47,900. A stop loss of Rs 46,950 can be levied for this gold deal. On the other hand, buying silver at a price of Rs 48,100 for a target of Rs 48,700 in July futures is beneficial. For this silver deal, you can put a stop loss of Rs 47,750.
According to Amit Sajeja, Assistant Vice President (Commodity and Currency) of Motilal Oswal, gold on MCX can be purchased in August futures at a price of Rs 47,400 and can achieve a target of Rs 47,800. A stop loss of Rs 47,200 can be applied for this gold contract. On the other hand, buying silver at the price of Rs 48,000 for a target of Rs 48,800 in July futures can prove to be a bargain. In intraday silver, July futures should put a stop loss of Rs 47,600.
According to Viresh Hiremath, head research, Karvy Comtrade, gold on MCX in intraday can be purchased in August futures at a price of Rs 47,500 for a target of Rs 47,800. A stop loss of Rs 47,350 should be applied for this contract. On the other hand, by buying silver in July futures at a price of Rs 48,200, the target of Rs 48,700 can be achieved. For this silver deal, you can put a stop loss of Rs 47,900.