Gold Price Today 16-03-2021: This is what happened on MCX to Gold, Silver | Should you buy?

Gold Price Today 16-03-2021: Gold remained firm on Tuesday, refusing to slide down appreciably. While Gold Futures were trading almost flat from the Monday closing price at 5:30 pm on MCX, Silver futures were down by Rs 323 or 0.5 per cent around this time. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities says the outlook is positive for gold and silver in near term. This is what he suggested for investments in Gold and Silver.    

Gupta said that the sentiments around Gold and Silver have improved slightly with lower bond yields. The sentiments have revived also on the back of lower interest rates in the US and growing inflation, Gupta said. The interest rates are likely to remain unchanged, he said adding that this will help bullion. 

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Higher bond yields and strengthening US Dollar have been the main reasons for the current correction in the prices of bullion. The VP said that there is a buying opportunity for investors at existing levels.   

Gold, Silver Spot price in Delhi    

The spot price of Gold in Delhi is around Rs 46,900, which is up by Rs 100 from the last reporting price on Monday. The spot price of silver is Rs 68,800, which has gone up by Rs 300 from the last reporting price of Monday, after remaining unchanged over the past 3-4 days.   

He said that the physical market prices take some time to reflect the changes.   

MCX Gold, Silver trading strategy    

On Tuesday, the MCX April Gold Futures were trading almost flat at 5:30 pm from the Monday closing price. Gold Futures were trading at Rs 44,896. His strategy is to Buy Gold Futures. He recommended Buying around Rs 44,800. He puts the stop loss at Rs 44,500 while the target price at Rs 45,400. 

Meanwhile, MCX May Silver futures were trading at Rs 67,346 per kg around this time, getting cheaper by Rs 323 or 0.5 per cent from the last closing price on Monday. He recommended Buying in Silver Futures at Rs 67300. He puts the stop loss at Rs 65400 while the target price at Rs 68,800.    

Gold, Silver Price Outlook   

Gupta said that international spot price of Gold was USD 1732 which was up from last reporting price of USD 1721 on Monday. It has surpassed its expected target price of USD 1730 showing a rebound as was estimated by Gupta.  

It is expected to further move up as the USD 1.9 trillion package by Joe Biden’s government will help it to inch upward. “Enormous stimulus infusion has reignited inflation worries which is driving the investors towards Gold,” he had said. Fresh cases of Coronavirus have also brought new impetus for bullion, he said.   

As for Silver, the spot price was around USD 26.20, up from USD 25.98, the last reporting price.