Gold Price Outlook: Gold could TEST USD 1750 next week? Expert tells how INDIAN PRICES will move

Gold Price Today 2-03-2021: Gold futures were expensive by Rs 469 while Silver Futures were dearer by Rs 1226 on Thursday when the markets closed. India’s biggest commodity exchange MCX was shut on Friday on account of Good Friday. What will happen when the markets open on Monday after a three-day gap? What should be the strategy for Gold and Silver investors?

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities has the answers for all your queries.

See Zee Business Live TV Streaming Below:

Gold, Silver – Price Indicators for next week by expert Anuj Gupta    

Gold outlook - As expected Gold prices rose in international market from low of USD 1676 levels to USD 1730 levels. Weakness in dollar and bond yield support the gold prices.
We are expecting that Gold may test USD 1750 levels in next week, which is a very strong resistance level. Trading above USD 1750 levels open the room for USD 1780 to USD 1800 levels.
Inflationary pressure also supportive for yellow metals.
Technically prices are showing positive momentum and heading towards upside.

Gold Price Today 

On Thursday, MCX June Gold Futures ended at Rs 45,404 per 10 gm, going up by Rs 469 or over 1 per cent. Gupta recommends a BUY at Rs 44,900. He puts the stop loss at Rs 44,400 while the target price at Rs 46,000.  

Silver Price Today 

Meanwhile, MCX May Silver Futures ended at Rs 65,040 per kg, rising by almost 2 per cent or Rs 1226. Gupta recommended a BUY in Silver Futures at Rs 64,000. He puts the stop loss at Rs 62,500 while the target price at Rs 66,500.  

Gold, Silver Spot Price

The Delhi spot price of Gold was Rs 46,100 at the time of closing on Friday while the spot price of Silver was Rs 67,000.