Some important announcements have been made in the budget for the bullion and jewelery sector. One, the government has cut the duty of gold and silver slightly. At the same time, by making SEBI a regulator, it has also cleared the way for gold exchange. Apart from this, the steps taken to accelerate the economy will also have an impact on the jewelery market.
Jewelery sector booster
The duty on gold and silver has been reduced from 12.5 per cent to 10 per cent. A 2.5% agri cess has been imposed on Dore Bars. Duty on platinum has been reduced from 12.5 per cent to 10 per cent. Now SEBI will be the regulator of the Gold Exchange.
Weakness in sleep
Gold appears to be around Rs 48,500 on MCX. Duty cuts have created pressure. The effect of weakness in foreign markets is visible on gold.
However, weakness in the dollar is being supported.
Profit booking in silver
After yesterday’s 8 percent gain, pressure is being seen. Comex is under pressure from the 8-year high. The silver was seen yesterday due to the Short Squeeze. Investors associated with Reddit had gained momentum. iShares Silver’s holding is at record level.
Brent prices have dropped above $ 56. Heating demand has increased in the US. In the US, support is coming down due to decreasing inventory. Saudi Arabia will cut by 1 mbpd from today. Goldman Sachs says that crude can go up to $ 65 by July.
Investment advice by Anuj Gupta of Angel Commodities
BUY MCX GOLD APRIL AT 48000, SL 47600, TARGET 48600
BUY MCX SILVER MARCH AT 71500, SL 70700, TARGET 73000
BUY MCX COPPER FEB AT 590, SL 585, TARGET 598
BUY MCX CRUDE OIL FEB AT 3920, SL 3850, TARGET 4020
BUY NCDEX REF SOYA OIL FEB AT 1108, SL 1095, TARGET 1130
BUY MCX COTTON FEB A 21000, SL 19800, TARGET 21400
BUY NCDEX CHANA MARCH AT 4450, SL 4390, TARGET – 4550
Investment advice of Kishore Narnay of Motilal Oswal
MCX GOLD APRIL BUY AT 48300 SL 48150 TGT 48600
MCX COPPER FEB SELL AT 595 SL 597 TGT 591
MCX ZINC FEB SELL AT 205.50 SL 207 TGT 203
MCX NAT GAS FEB BUY AT 207 SL 204 TGT 212
MCX CRUDE OIL FEB BUY AT 3925 SL 3880 TGT 4000