Price of MCX April Gold Futures increased on Monday (1 March) by Rs 254 or 0.5 per cent from the previous closing price on Friday while MCX Silver May Futures’ price also increased by Rs 825 around 1:30 pm. Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking gives complete outlook and investment strategy in Gold and Silver. He also tells investors about the spot price of Gold and Silver in Delhi Markets.

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The Senior Technical Analyst said that Gold and Silver are seeing weakness in the international markets because of many reasons. One reason is the rise in US Bond Yields which have taken some shine off the bullion. He said there is a possibility that the outlook may remain subdued in the near term.  

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He also said that the delay around US Coronavirus stimulus is another reason for ongoing strength. Moreover, the US Dollar is getting stronger. Gold and USD have an inverse relationship and when one goes down the other benefits.

The prices of Gold and Silver would have come down further for consumers in India if the USD had not become stronger. USD has appreciated quite strongly last week and is expected to gain this week too. This could negate the advantage of falling international price of Gold and Silver, for consumers back home in India.

MCX Gold, Silver trading strategy

At 1:30 pm on Monday, MCX April Gold Futures were trading up by Rs 254 or 0.5 per cent. The Gold Futures were trading at Rs 45,990 per 10 gm. His strategy is Sell Gold Futures at Rs 46,000. He puts the stop loss at Rs 46,300 while the target price at Rs 45,400.

Meanwhile, MCX May Silver futures were trading at Rs 69,609 per kg around this time, gaining by Rs 825 or 1.2 per cent. He recommended Selling in Silver Futures at Rs 69,600. He puts the stop loss at Rs 70,200 while the target price at Rs 67,800.

International Gold Spot price

The international spot price of gold is USD 1747. The near term outlook remains negative as the prices could come down to USD 1700 internationally, Gupta said.

International Spot price of Silver

The international spot price of Silver is USD 26.94. The near term outlook remains negative as the prices could come down to USD 26 internationally, Gupta said.

Gold, Silver Spot price in Delhi

The spot price of Gold in Delhi is around Rs 47,000, which is Rs 200 cheaper over the 3-4 days. The spot price of silver is RS 69,500, which is also down by Rs 500 during this period.