Is it good time to buy gold? Gold and silver prices in India edged higher in Indian markets on Monday. According to the Multi Commodity Exchange, the gold futures in India increase by 0.3 percent to Rs 46,340 per 10 gram. The yellow metal reached 8-month lows of Rs 45,861 in the previous session.
On MCX, the Silver futures surged by 0.8 percent to Rs 69,590. In global markets, the gold rates have edged higher after hitting a seven-month low in the previous session.
Gold got support from a softer US dollar after which the yellow metal was affordable for holders of other currencies. Meanwhile, the Spot gold increased by 0.3 percent to $1,787.31 per ounce.
It is worth mentioning here that US Treasury yields hit a near one-year peak, increasing the opportunity cost of holding gold, that pays no interest.
Gold prices in India today:
But, there is one question that people are looking answers for. Is it good time to buy gold?
Jindal said the global economy was reviving and the COVID-19 vaccination drive was underway. Hence, the gold is expected to fall near Rs 40,000-42,000 per 10 gram.
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