Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

Gold and Silver prices remained under pressure throughout this week? What should be the strategy when the markets open on Monday? Should you buy Gold and Silver under the current circumstances? Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking gives the complete strategy for the next week.  

The Senior technical analyst said that the outlook for gold and silver is weak in the near term. The weakness in Gold and Silver is on the back of high bond yields in the US and a strong Dollar.  

The price of Gold is down by over Rs 11,000 from the highs of Rs 57,000 per 10 gm, and in this year alone, the prices have come down by Rs 5200 according to Gupta. 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.  

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

WATCH | Click on Zee Business Live TV Streaming Below:

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.

MCX Gold, Silver trading strategy

At 8:40 pm on Friday, the MCX April Gold Futures were trading down by Rs 28 from the previous closing price on Thursday. The Gold Futures were trading at Rs 44,513 per 10 gm. His strategy is Sell Gold Futures on rise. For the next week levels to sell are around Rs 45,000. He puts the stop loss at Rs 45,800 while the target price at Rs 43,500.

Meanwhile, MCX May Silver futures were trading at Rs 65,731 per kg around this time, cheaper by Rs 190 or 0.3 per cent from the last closing price on Thursday. He recommended Selling in Silver Futures at Rs 67,000. He puts the stop loss at Rs 68,500 while the target price at Rs 63,000.

International Gold Spot price

The international spot price of gold is USD 1690 which was down from the last reporting price of USD 1712. The near term outlook remains negative as the prices could come down to USD 1640 internationally, Gupta said.  

International Spot price of Silver

The international spot price of Silver is also down from USD 26.68 to USD 25.20. The near term outlook remains negative as the prices could come down to USD 23 internationally, Gupta said.

Gold, Silver Spot price in Delhi

The spot price of Gold in Delhi is around Rs 46,000, which is down from Rs 46,500 from the last reporting price on Thursday. The spot price of silver is Rs 68,000, which is also down by Rs 1500 during this period.