Gold and silver prices decline as traders take some profit home

Mumbai, Gold and silver prices declined on Friday as traders booked profits after the recent surge in prices.

Further, increasing hopes of an economic stimulus from the US government also weighed on the price of gold internationally, which reflected in the domestic market.

As the US Congressional Republicans and Democrats try to pass a new round of coronavirus aid, lawmakers from both parties are of the view that failure to agree was not an option anymore.

The February contract of gold on the MCX was trading at ₹50,235.00 per 10 gram, lower by ₹155 or 0.31% from its previous close.

The March contract of Silver was trading at ₹67,622 per kg, lower by ₹645 or 0.94% from its previous close.

Anuj Gupta, DVP, Commodities and Currencies Research, Angel Broking Ltd. said: "As for today traders can go for 'buy' in gold at ₹50,000 levels with the stop loss of ₹49,700 levels for the target of 50,700 levels."

"They can also go for 'buy' in silver at Rs 67,800 levels with the stop loss of 67,000 levels and for the target of 70,000 levels," he said.

Gupta said that in the international market gold may test $1,900 and silver may test the $27 level soon.

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