Gold and silver prices on fire, gold became so expensive in a single day, know the opinion of experts

News India Live, Digital Desk: If you are planning to buy gold or silver, then today the burden on your pocket is going to be a bit heavy. There has been a huge jump in the prices of both gold and silver in the domestic futures market (MCX) today. While gold has crossed the figure of Rs 1.22 lakh per 10 grams, the shine of silver has also increased.

This rise in prices has come due to strong signals from international markets.

What are the new prices of gold and silver today?

• Gold: In the price of gold futures contract for the month of December on Multi Commodity Exchange (MCX) Rs 1,257 There was a huge increase. With this 1.04% jump, the price of 10 grams of gold is now Rs 1,22,330 But has been reached. Gold prices have also increased in the spot market of Delhi.
• Silver: The shine of silver has increased more than that of gold. In the price of silver with December futures contract Rs 1,557 That is, there has been an increase of 1.14%, due to which the price of 1 kg silver Rs 1,38,327 It is done.

What do experts say? Buy Now or Hold On?

Market experts believe that this rise in gold prices may continue for now. Sharekhan by BNP Paribas Vice President and Commodity-Currency Head, Praveen Singh Has advised to buy gold.

According to him:

• Right level to buy: if gold ₹1,21,500 to ₹1,21,700 If you get between, then it can be a good buying opportunity.
• Target Price (Profit Target): gold rises from here ₹1,22,800 Can go up to the level of.
• Stop-Loss: However, if the price falls ₹1,21,000 If the price falls below Rs. 500, it would be wise to sell your position to avoid further losses.

Praveen Singh also said that on the downside, gold has a strong support at ₹ 1,21,120 and ₹ 1,20,000, while on the upside it may face resistance at ₹ 1,22,800 and ₹ 1,23,500.

Why are prices increasing?

This week, the data related to unemployment and home sales coming from America will affect the movement of the dollar. If the dollar weakens, gold prices may get further support. Overall, it can prove beneficial to keep an eye on the market movements before buying gold and silver during this festive season.