NEW DELHI, Nov 21 (PTI): Gold price on Friday dipped Rs 195 per 10 gm on Multi Commodity Exchange (MCX) and closed at Rs 48,864 per 10 gm whereas silver price shed 0.53 per cent and closed at Rs 65,620 per kg levels.
As per commodity experts, this dip in gold and silver price is more a profit-booking than anything else. They said that gold price had hit 9-month high last week and hence profit-booking was expected. They advised investors to take this dip as a buying opportunity because precious yellow metal is trading in the profit-booking range of $1830 to $1850 per ounce in international market.
According to commodity market experts, triggers for gold price are unchanged as Fed is still maintaining its dovish stance on interest rate increase whereas global inflation and bad US data are still there.
They said that on MCX, December contract is expiring on 3rd December. So, those who have position in this December future contract are exiting their build-up holdings.
Gold price dips after hitting 9-month high
FE Team | Published: November 21, 2021 22:32:48
Gold price dips after hitting 9-month high
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