Gold Price Today 05-05-2021: Gold gains 4% in April, Silver up 5.6%; prices likely to shoot up says IIFL expert; RECOMMENDS a BUY

Gold Price Today 05-05-2021: Still ample opportunities for the investors willing to invest in Gold and Silver, says Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities has some advice for people who are planning to buy gold and silver in digital form or in the physical markets. The outlook remains strong for bullion and the prices are expected to appreciate in the near term.

As for the domestic investors, as Akshaya Tritiya approaches, gold and silver is expected to see demand taking the prices further up, he said. In April Gold prices have appreciated by almost 4 per cent while Silver prices have shot up by over 5.6 per cent. Akshaya Tritiya is on 14 May.

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The Senior Technical Analyst said that the outlook remains positive as Coronavirus cases in India and elsewhere continue to pose economic challenges. He further said that the Central Banks across the world have been buying Gold fearing inflationary pressures going forward. The investors should follow these developments, he advised.

Gold, Silver price in Delhi - The price of physical Gold in Delhi markets is Rs 49,000 per 10 gm while the Silver prices have been Rs 71,000 per 1 kg.

As for the international prices, spot gold prices were around USD 1780 while spot Silver prices were around USD 26.40 at the time of the filing of the story.

The domestic investors will also have to watch out for the movement in INR against the US Dollar, Gupta said. While the USD has been trading flat against some other currencies, the weakness in Rupee could escalate the prices further, he further added.

MCX Gold Futures Price Today

MCX June Gold Futures were trading at Rs 46,769 per 10 gm at 6:15 pm on Wednesday, falling by Rs 102 or 0.22 per cent from the last closing price on Tuesday. Gupta recommends a Buy at Rs 46,800. He puts the stop loss at Rs 46,600 while the target price at Rs 47,700.

MCX Silver Price Today  

MCX July Silver Futures were trading at Rs 69,173 per 1 kg around this time, falling by Rs 476 or around 0.7 per cent from the last closing price on Tuesday. Gupta recommends a Buy at Rs 69,300. He puts the stop loss at Rs 68,800 while the target price at Rs 70,000.