Gold Price Today Tops Rs 48,500 as Bitcoin Tumbles; ‘Investors Must Go Long in Dips

Gold costs from the Indian market climbed on Monday after a favorable trend in global spot rates. Silver futures rose 0.62percent to Rs 71,490 to get a kilogram.

The fall from the crypto world also raised safe-haven metal’s allure.

Spot gold was up 0.2percent at $1,883.21 per oz by 0301 GMT. Last week, gold prices hit their greatest level since Jan. 8 $1,889.75. US gold futures rose 0.4percent to $1,884.30 each oz.

‘International place silver and gold prices have begun marginally higher this Monday morning in Asian commerce. Technically, LBMA Gold Spot is trading on a favorable note over $1880 levels farther could find $1890-1918 amounts. Technically, if LBMA Silver over $27.20 amount will last its bullish momentum upwards $28.05-$29.00 amounts in forthcoming session.

‘National silver and gold prices could begin flat to marginally greater this Monday morning monitoring overseas rates. Technically, MCX gold June can see a bullish momentum around Rs 48,500-48,700 levels. Support is currently at Rs 48,340-48,150 levels. Technically, if MCX silver July sustains over Rs 71,000 degree can take costs around Rs 72,100-73,000 levels. Support is currently at Rs 70,500-69,900 amounts,’ Iyer added.

‘Cryptocurrencies have been in a bubble. Bitcoin travelled from less than a million dollars to $65,000 in only four decades. When bubbles pop, they often return to their basic, inherent worth,’ said Amit Khare, AVP- study products, Ganganagar Commodities Limited.

‘Silver and Gold revealed a negative trend on Friday. But now we can observe some recovery from underside degree’s. Dealers are advised to go extended in drops and focus significant technical amounts given under: June gold final cost Rs 48,404, Service 1 – per cent 48,100, Service 2 – Rs 47,900, Resistance 1 – per cent 48,650, Resistance two – per cent 49,100. July silver final cost Rs 71,049, Service 1 – per cent 69,950, Service two – Rs 68,800, Resistance 1 – per cent 72,200, Resistance two – Rs 73,200,’ Khare added.

‘Prices mostly remained affirmed in the past couple of sessions with a subdued US dollar and Treasury returns as concern receded over tapering from the US Federal Reserve. In general, we expect gold prices to merge at the selection of Rs 48,000-49,000 amounts from the short term,’ explained ICICI Securities.