Bullion Price Today 09-04-2021: Profit Booking seen on Friday as Gold falls by Rs 340, Silver by Rs 700; Outlook remains STRONG, IIFL expert says

Gold Price Today 08-04-2021: After having a strong run on Thursday, some profit booking was witnessed on Friday in Gold as the MCX June Futures fell by almost Rs 340 at around 7:50 pm, hours before the end of the last trading day of this week. Meanwhile, MCX May Silver Futures also depreciated by almost Rs 700 around this time. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities remains bullish on Gold and Silver reiterating that the investors should not see too much in the correction. He attributed the correction to some profit booking.

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However, the international prices of Gold and Silver have remained stable throughout the day, the VP said. Gold was trading at USD 1750 while Silver was trading around USD 25.30.   

Gupta said that the outlook for Gold and Silver remained strong in the near to medium term and the bullion may see a further uptick. An upside up to USD 1800 is now open for Gold, the VP said.

Domestically, the Gold and Silver could become expensive from the current levels on two counts. One was the international prices going up. The resurgence of Coronavirus Pandemic could drift investments towards this haven, increasing demand for gold, Gupta said.

For domestic consumers, weakening rupee could become a setback as prices may go up also because of higher import cost. That could soon reflect in the prices. He says that it is a good time to buy Gold and Silver as the wedding season and Akshaya Tritiya may push the Gold and Silver prices, further up.     

Gupta said that the demand for Gold is seeing an uptick as the coronavirus cases see huge resurgence. Gold and Silver are considered a haven for investors at a time when the other asset classes including equity are not doing too well or there are economic uncertainties, he said.

In physical markets gold price was quoted at 48400 levels and Silver price is quoted at 69000 levels.

MCX Gold Futures – Strategy for next week

The MCX June Futures were trading at Rs 46,498 per 10 gm. It was down by 0.7 per cent from the last closing price on Thursday. Traders can buy gold around 46,600 levels with the stoploss of 46,200 for the target of 47,800 – 48,000, he said

MCX Silver Futures - Strategy for next week

Meanwhile, May Silver futures were trading at Rs 66,802 around this time. It is recommended for buying at Rs 66,000 with the stop loss of 64000 levels for the target of 69300 levels.