Gold on Positive Footing
There are some recent news which hints at Gold price remaining buoyant in the short term. Let us check them one by one:
#Gold prices gained Rs.286 to Rs.38,265 per 10 gram in Mumbai bullion market yesterday, on weaker rupee and following comments by the US President Donald Trump that a trade deal with China may happen only after 2020 US presidential election.
#The ensuring marriage season in India will keep the demand for the yellow metal on the upswing.
#India's gold Imports in November, 2019
jumped 78% from a month earlier to the highest level in 5 months as jewellers in the world's second-biggest consumer of the metal restocked after a fall in prices, a government source said on Tuesday.
#The Commerce Minister, Piyush Goel's assurance that he would work to lower import duty on gold from 12.50% is another ammunition in the hands of the bulls.
Meanwhile, gold prices in Indian markets fell marginally today, giving some indication of its current buoyant mood; after a sharp rise in the previous session, tracking a similar move in global rates.
On MCX, February gold futures prices were down marginally by 0.01% to ₹38,323 per 10 gram. Gold prices on MCX had surged nearly 1% in the previous session. Silver prices however edged higher.
On MCX, silver futures prices were up 0.17% to ₹45,372 per kg. In global markets, gold prices were today near one-month highs hit in the previous session.
Many of my blog readers have send me mails and whatsapp inputs, asking me, whether they can enter TBZ Ltd (Rs.37.70) and P C Jeweller Ltd (Rs.27.30) or not at their CMPs.
Yes, you can do that as I feel both the scrips sell Hallmarked Jewellery (a pre-requisite from 2021) and should give decent returns in the short term, since this is the month of December (when small and mid cap scrips generally pick up seam) the retail sector has started to gather momentum due to a push in domestic consumption.
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