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Buy gold on dips at $1,850-1,820 levels: Metals Focus’ Chirag Sheth

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It has been a very volatile day for gold and silver and the yellow metal is trading half a percent in the red. However, Chirag Sheth, Senior Research Consultant at Metals Focus believes that it is still a very good opportunity for investors to buy.

It has been a very volatile day for gold and silver and the yellow metal is trading half a percent in the red. However, Chirag Sheth, Senior Research Consultant at Metals Focus believes that it is still a very good opportunity for investors to buy.
“We started the day with very good optimism about stimulus and that actually went onto buying in gold especially in the Asian trade. Now suddenly as you hear more and more news about the new UK strain, countries banning flights to and from UK all asset classes are falling. However, I would say this is still a very good opportunity for anybody who wants to buy into gold and silver,” he said in an interview to CNBC-TV18.
According to Sheth one must look at buying gold at around USD 1,850 levels. “The new strain kind of imposes the importance of gold because you will see lockdowns coming in, the economy will take much longer time to recover and that means the loose monetary policy will continue. So, I would say probably about USD 1,850-1,820 levels one should look at buying and holding it for another six months or so,” he said.
Watch the video for more