Gold Price Today 09-05-2021: As countdown for Akshaya Tritiya begins, gold, silver prices could go up; expert suggests this

Gold Price Today 09-05-2021: Countdown for Akshaya Tritiya has begun with less than a week for this auspicious occasion to buy gold. Gold prices have been seeing an upward trend and may see further hike as we go even closer to the day which is 14 May 2021. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities has been advising the investors to buy gold and silver as the prices are likley to shoot up further.

After seeing record highs of over Rs 56,500 per 10 gm in 2020, Gold has corrected appreciably this year. Same was the case with Silver. But, over the past one month both Gold and Silver have seen a stready rise. In April Gold prices have appreciated by almost 4 per cent while Silver prices have shot up by over 5.6 per cent.

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Still there are ample opportunities for the investors who are willing to invest in Gold and Silver, Gupta said. The outlook remains strong for bullion and the prices are expected to appreciate in the near term, he further said.

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, Mumbai - 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. In Mumbai the spot price of Standard Gold (99.5) was Rs 47,294.00 on Friday while that of Pure Gold (99.9) was Rs 47, 484. Meanwhile Silver Spot price was Rs 70,835 per kg.

As for the international prices, spot gold prices were around USD 1837 while spot Silver prices were around USD 27.43 at the time of closing on Friday.

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

MCX June Gold Futures were ended at Rs 47,760 per 10 gm on Friday, gaiing by Rs 165 or almost 0.4 per cent from the last closing price on Thursday.

MCX Silver Futures Price

Meanwhile, MCX July Silver Futures ended at Rs 71,500 per 1 kg, falling by Rs 181 or around 0.3 per cent from the last closing price on Thursday.