Gold Price Today 08-04-2021: Gold on FIRE, hits USD 1750; Will rally continue? Experts tells what lies ahead

Gold Price Today 08-04-2021: Gold was on fire on Thursday as the international prices hit USD 1750. Meanwhile, MCX Gold futures were also dearer by Rs 460 or almost 1 per cent around 7:15 pm, from the previous closing price on Wednesday. What does this mean for the Gold investors and where is the price heading. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities gives useful insights on price movements and also tells the trading strategy in Gold and Silver.

The momentum has picked from where the Gold prices left on Wednesday, Gupta said adding that yellow metal prices increased by almost 1 per cent on Wednesday, closing on 6 week high of Rs 46, 362 levels and in international market gold was hovering at USD 1735 levels.

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Why will Gold become expensive?

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

Another important factor is the weakening of Indian Rupee (INR) against the US Dollar making imports expensive. 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.   

In physical markets gold price was quoted at 48400 levels and Silver price is quoted at 69000 levels. Gold was trading at USD 1757 at the time of filing this story. An upside up to USD 1800 is now open for Gold, the VP said.  

MCX Gold Futures

The MCX June Futures were trading at Rs 46,778 per 10 gm. For today traders can buy gold at 46100 levels with the stoploss of 45800 for the target of 46800, he said.

MCX Silver Futures

Meanwhile, May Silver futures is recommended for buying at Rs 67,500, up by Rs 866 or 1.3 per cent from the last closing price on Wednesday. Buy silver at 66,200 levels with the stop loss of 65400 levels for the target of 68300 levels.