Gold Price Today 23-03-2021: Gold gains, Silver falls; IIFL Expert gives REASONS to invest in bullion

Gold Price Today 23-03-2021: Time to buy Gold and Silver is now as the bullion has fallen significantly from the highs of last year. Gold prices have fallen by almost Rs 12,000 from the lifetime highs of over Rs 56,000 per 10 gm which the yellow metal achieved in 2020. Meanwhile, Silver Futures too have fallen by as much after achieving life highs around Rs 78,000 per kg. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities says the prices may shoot up as we step into the wedding season ahead of us along with Akshaya Tritiya in May.  

MCX Gold, Silver trading strategy     

On Tuesday, at 6:15 pm the MCX April Gold Futures were trading positively, gaining by Rs 36. Gold Futures were trading at Rs 44,941 per 10 gm. His strategy is to Buy Gold Futures. He recommended Buying around Rs 44,700. He puts the stop loss at Rs 44,400 while the target price at Rs 45,200.  

See Zee Business Live TV Streaming Below:

Meanwhile, MCX May Silver futures were trading at Rs 65,085 per kg around this time, getting cheaper by Rs 246 or almost 0.4 per cent from the last closing price on Monday. He recommended Buying in Silver Futures at Rs 65,800. He puts the stop loss at Rs 65,200 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 which has remained unchanged from the last reporting price of Monday. The spot price of silver is Rs 69,000, which has also remained unchanged from the last reporting price of Monday. He said that the physical market prices take some time to reflect the changes. 

His advice to the investors in Gold and Silver is to buy.  

Gold, Silver Price Outlook 

Gupta said that international spot price of Gold was US 1735 while those of silver is USD 25.70, he said.  

The prices of Gold and Silver have moved both ways – falling because of higher US Bond Yields and rising USD. Meanwhile, spike in coronavirus has created a panic among investors, looking for safer heaven for investments. This has helped Gold and Silver hold on.  

What to Watch out for? 

This financial year is about to end in just over a week’s time. The Monthly expiry in April Gold futures will also be around that time. The Technical Analyst said that as the financial year is coming to a close, some profit booking is expected as the investors or traders could do some selling to clear their account books. He advice to investors is not to worry if there is some selling activity, instead they should continue holding Gold and Silver futures with a longer term perspective.