Gold Price Today 19 January 2021 – Weakness in Gold as Yellow metal cheaper by Rs 40 on MCX; Silver up Rs 74

Gold Price Today: The price of gold is seeing some weakness in the Delhi bullion market on Tuesday, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. Gold price will continue to trade with some weakness at least till Budget 2021 is presented on 1 January, he added.

Gold price fell to its one and half month low in the early morning trade on Monday, according to a report by Motilal Oswal.

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Gold, Silver Delhi Spot Price - The spot price of Gold at the time of the filing of the story was Rs 49,500 per 10 gm while that of silver was Rs 66,500 per kg.

At 11:30 am on Tuesday 19/01/2021, the MCX February Gold futures were trading at Rs 48,854 per 10 gm, down by Rs 40 from the previous close.

Meanwhile the March Silver Futures were trading at Rs 65,503 per kg, up by almost Rs 74 per cent from the Monday close.

Gold, Silver investment strategy - Both Gold and Silver are expected to see corrections in the near term, though the medium term outlook remains strong. Gold has corrected from its peak of around Rs 56,000 while the Silver has corrected from the peak of Rs 75,000 he added. There is a scope of further correction so a WAIT and WATCH strategy is recommended.

Major Triggers - Why there is weakness in Gold, Silver

Gupta said that both domestic and global indicators were responsible fo the current weakness in bullion price. US Dollar is strengthening and is expected to further firm up, this will bring some correction in the international prices in the near term.

The equity markets have also been going from strength-to-strength, taking some sheen of the bullion. Considered as the safe haven, Gold and silver has seen some traction going away to the stock markets.

Opportunities in 2021 for buying Gold, Silver

If you are an avid investor in Gold and silver then there will be opportunities for you to buy. A report from the World Gold Council (WGC) tells that the sentiments around consumption have improved now, in comparison to last year when the pandemic started. The demand of Gold has seen improvement. the demand for Gold during Dhanteras was down from the usual demand around this time, though it picked up from the situation during the April-June 2020 quarter. As economies open and opportunities of investment in other avenues pick up, more stabilty is expected. This will give good opportunities for investment in Gold and Silver.

2021 Target Price for Gold

As per a brokers'poll done by Zee Business, 55 per cent brokers were of the view that the Gold price will be in the range between 60,000-66,000. The remaining 45 per cent expect it to trade in the range of 55,000-58,000.