Gold Price Today 4-03-2021 – MCX Gold opens in red, falls by Rs 735 since Wednesday; cheaper by Rs 5203 in 2021

The fall in prices of Gold and Silver fell on Thursday too. The Gold Futures fell by around Rs 158 today minutes after the markets opened after falling by Rs 577 or 1.27 per cent on Wednesday. Meanwhile, Silver Futures fell by Rs 499 when the markets opened after falling by Rs 1145 or 1.65 on Wednesday.    

The price of Gold is down by over Rs 11,000 from the highs of Rs 57,000 per 10 gm, this year alone, the prices have come down by Rs 5203 according to Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking. This is almost 9.2 per cent depreciation in the last two months. If you are one of those people who have not been able to invest in gold and silver because of high prices can now do it.

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Meanwhile, Silver has held its ground, falling by just over Rs 100 or 0.15 per cent since the beginning of 2021, Gupta said.

The Senior Technical Analyst said that as there is some weakness being seen in Gold and Silver, it is time to invest in Gold and Silver.

He said that though the international prices of Gold and Silver have been on decline, the demand for Gold and Silver in physical markets are not letting it go down appreciable. The demand for physical gold is on the back falling prices, he said.

MCX Gold, Silver trading strategy

At 9:04 am on Wednesday, MCX April Gold Futures were trading down by Rs 158 or 0.35 per cent. The Gold Futures were trading at Rs 44,790 per 10 gm. His strategy is Sell Gold Futures at Rs 45,200. He puts the stop loss at Rs 45,600 while the target price at Rs 44,500.

Meanwhile, MCX May Silver futures were trading at Rs 67,501 per kg around this time, cheaper by Rs 499 or 0.7 per cent from the last closing price on Wednesday. He recommended Selling in Silver Futures at Rs 68,600. He puts the stop loss at Rs 69,200 while the target price at Rs 67,200.

International Gold Spot price

The international spot price of gold is USD 1712 which was down from the last reporting price of USD 1732. The near term outlook remains negative as the prices could come down to USD 1700 internationally, Gupta said. He said that there is a support zone between USD 1680 and US 1700.

International Spot price of Silver

The international spot price of Silver is also down from USD 26.68 to USD 26.12. 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 46,500, which is down from Rs 47,000 from the last reporting price on Wednesday. The spot price of silver is Rs 69,500, which is also down by Rs 1000 during this period. The recent rise has been due to the sudden demand for gold and silver, Gupta said.

Price Movement Indicators

The price movement indicators remain same. The strength in US Dollar (USD) is bringing down the price of Gold and Silver in international markets.  Gold and USD have an inverse relationship and when one goes down the other benefits. While the price of Gold and Silver is coming down, the strength in USD is neutralising the gains and making it expensive for other currencies.

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.

Impact of US Bond Yields slowing down also helped in upward price movement for Gold and Silver.