Notwithstanding the lacklustre sales during Akshaya Tritiya amid the pandemic situation with physical markets remaining close, the outlook for gold and silver is expected to remain positive and the prices could continue to go north, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities. 

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Gupta said that though the official data I still not known, but the sales of gold in jewellery form may not have gone over 30-35 per cent. The prices may still rise in the near term owing to global indicators, he further said.

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On Monday, Gold was trading at 3-month high in the international market riding on lower bond yields and aided by the ongoing tension between Israel and Palestine. Gupta said that Gold is expected to reach USD 1880 over a week from the current levels around USD 1851. 

Meanwhile, SiIver prices may touch levels around USD 29 from the current levels of USD 27.65, Gupta said. 

Among domestic indicators, Coronavirus situation may continue to help the cause of the yellow metal. 

Is it a good time to buy gold? 

Brokerage firm Motilal Oswal maintains a bullish stance on Gold. It expects new highs of Rs 56,500 and above over the next 12-15 months. Long term investors have a good chance to enter the market. 

Gold, Silver Price in Delhi – On Monday, Gold was trading around Rs 50,000 per 10 gm. The prices have remained stable over the last few days, Gupta said. Silver on the other hand is trading around Rs 74,500 per kg, seeing an upside. Silver has outperformed Gold in terms of returns this year. While Gold has corrected by almost 4 per cent, Silver has gained over 6 per cent. 

MCX Gold Futures 

At 12:23 pm on Monday, MCX June Gold Futures were trading at Rs 48,038 per 10 gm, gaining by Rs 362 or almost 0.76 per cent from the last closing price on Friday. He recommended a BUY on Gold futures ar Rs 47,900. He puts the stop loss at Rs 47,600 while the target price at Rs 48,500. 

MCX Silver Futures Price 

Meanwhile, MCX July Silver Futures were trading at Rs 72,096 per 1 kg, gaining by Rs 1011 or around 1.42 per cent from the last closing price on Friday. He recommended a buy at Rs 71,800. He puts the stop loss at Rs 71,200 while the target price at Rs 72,800.