Book profits on gold at current prices: Viral Shah

Viral Shah, Head-Institutional Business, Geojit Comtrade Ltd shares his views about bullion market.

What do you do with gold now, back near the $1900 mark, how much further upside do you see from hereon?

We can possibly retest the previous highs of about $1917. On the local markets, we hit a high of about 28,500 and closed at that level. So from now onwards, we would advise a little bit of caution because these are elevated levels and we would advise investors and clients to book profits at these levels but with the upcoming speech of Mr Bernanke on the economy on the 8th of September and some other developments in United States, these levels would be the one that investors should book profits and wait for further upsides.

Although you do have gold prices which have been dominating, can you highlight for us what your strategy would be in terms of silver?

The focus is more on gold at this point in time. Silver definitely is looking attractive but the momentum is more with gold. So silver prices would consolidate between the range of about 62000 to 66000 for the time being.