Gold Price Today 15-03-2021: MCX Gold gains by Rs 81 on Monday, spot Gold up Rs 300; MCX Silver up by Rs 120; BUY now, says this expert

Gold Price Today 12-03-2021: Gold and Silver started on a positive note on Monday after ending the previous week in the red. The Gold Futures were trading higher by Rs 81 or almost 0.2 per cent on MCX at 12:15 pm. Meanwhile, Silver futures were also expensive by Rs 120 or 0.2 per cent around this time. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities says the outlook is positive for gold and silver in near term. This is what he suggested for investments in Gold.   

Gupta said that the sentiments around Gold and Silver have improved slightly and he expects an upward movement in the immediate term. This is because of the weakening USD and softening of US Bond Yields.

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Higher bond yields and strengthening US Dollar have been the main reasons for the current correction in the prices of bullion. Th VP said that there is a buying opportunity for investors at existing levels.    

Gold, Silver Spot price in Delhi   

The spot price of Gold in Delhi is around Rs 46,800, which is up by Rs 300 from the last reporting price on Friday. The spot price of silver is Rs 68,500, which has remained unchanged from the last reporting price of Friday.  

He said that the physical market prices take some time to reflect the changes.  

MCX Gold, Silver trading strategy   

On Monday, the MCX April Gold Futures were trading positively, gaining by Rs 81 or 0.2 per cent. Gold Futures were trading at Rs 44,831. His strategy is to Buy Gold Futures. He recommended Buying around Rs 44,700. He puts the stop loss at Rs 44,500 while the target price at Rs 45,200.   

Meanwhile, MCX May Silver futures were trading at Rs 66,964 per kg around this time, getting expensive by Rs 120 or 0.2 per cent from the last closing price on Friday. He recommended Buying in Silver Futures at Rs 66500. He puts the stop loss at Rs 65900 while the target price at Rs 68,000.   

Gold, Silver Price Outlook  

Gupta said that international spot price of Gold was US 1721 which is nearing its expected target price of USD 1730 and was up from the last reporting price of USD 1704. It is expected to further move up as the USD 1.9 trillion package by Joe Biden’s government will help it to inch upward. “Enormous stimulus infusion has reignited inflation worries which is driving the investors towards Gold,” he said.  

As for Silver, the spot price was around USD 25.98 up from the last reporting price of USD 25.60.