Gold Price Today 22-03-2021: Amid Financial year closing, wedding season and Akshaya Tritiya ahead, EXPECT THIS to happen

Gold Price Today 22-03-2021: This financial year is about to end in just over a week’s time. The Monthly expiry in April Gold futures will also happen around that time. What should investors expect over a fortnight and what should they do? If you are an investor in Gold and Silver futures and have also invested in physical gold and silver, then you must know the current trends and the market outlook. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities has some top investment tips for you. 

The Technical Analyst said that as the financial year is coming to a close, some profit booking is expected as investors and traders could do some selling to clear their account books. He told investors not to worry if there is some selling activity, instead they should continue holding Gold and Silver futures with a longer term perspective. 

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He said that there will be a buying opportunity for long term investors if the markets see some correction. 

MCX Gold, Silver trading strategy    

On Monday, at 2:30 pm the MCX April Gold Futures were trading negatively, falling by Rs 314 or 0.7 per cent. Gold Futures were trading at Rs 44,707 per 10 gm. His strategy is to Buy Gold Futures. He recommended Buying around Rs 44,600. He puts the stop loss at Rs 44,300 while the target price at Rs 45,200.    

Meanwhile, MCX May Silver futures were trading at Rs 65,882 per kg around this time, getting cheaper by Rs 1645 or 2.44 per cent from the last closing price on Friday. He recommended Buying in Silver Futures at Rs 65,800. He puts the stop loss at Rs 65,300 while the target price at Rs 67,000.    

Gold, Silver Spot price in Delhi    

The spot price of Gold in Delhi is around 47,000, up by Rs 200 over the past 2-3 days. The spot price of silver is Rs 69,000, which has also gained by Rs 500 from the last reporting price of.   He said that the physical market prices take some time to reflect the changes.   

Gupta said that the sentiments around Gold and Silver have improved slightly and he expects an upward movement in the immediate term. This is because of the softening of US Bond Yields. Higher bond yields and strengthening US Dollar have put the prices of bullion in check. Bond yields and USD move inversely to the price movement in Gold.  

Though, the USD has strengthened with respect to Indian Rupee, making bullion slightly expensive for importers, the senior analyst said.   

Gold, Silver Price Outlook   

Gupta said that international spot price of Gold was US 1729 while those of silver is USD 25.50, he said. The outlook is positive he said and he maintains a buy on it. 

As far domestic investors are concerned, the looming wedding season and Akshaya Tritiya may cause gold price to go up around that time too.