Gold Price Today 3-03-2021 –Gold cheaper by Rs 4600 in 2021, Silver by Rs 766; time to buy gold NOW expert says

If you are one of those people who have not been able to invest in gold and silver because of high prices can now do it. While the price of Gold is down by over  Rs 10,000 from the highs of Rs 57,000 per 10 gm, this year alone, the prices have come down by Rs 4603 according to Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking. This is almost 9.2 per cent depreciation in the last two months.

Meanwhile, Silver has held its ground, falling by just Rs 766 or 1.12 per cent since the beginning of 2021.

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The Senior Technical Analyst said that as there is some weakness being seen in Gold and Silver, it is time to invest in Gold and Silver.

He said that though the international prices of Gold and Silver have been on decline, the demand for Gold and Silver in physical markets are not letting it go down appreciable. The demand for physical gold is on the back falling prices, he said.

MCX Gold, Silver trading strategy

At 9:03 am on Tuesday, MCX April Gold Futures were trading down by Rs 34. The Gold Futures were trading at Rs 45,514 per 10 gm. On Monday, the Gold Futures rose by Rs 261 and ended at Rs 45,569. His strategy is Buy Gold Futures at Rs 45,300. He puts the stop loss at Rs 45,000 while the target price at Rs 46,000.

Meanwhile, MCX May Silver futures were trading at Rs 68,800 per kg around this time, cheaper by Rs 19 from the last closing price on Tuesday. The Silver futures gained on Tuesday though become expensive by Rs 561 from the Monday closing price. He recommended Buying in Silver Futures at Rs 68,800. He puts the stop loss at Rs 68,000 while the target price at Rs 70,500.

International Gold Spot price

The international spot price of gold is USD 1732 which was up from the last reporting price of USD 1707. The near term outlook remains negative as the prices could come down to USD 1700 internationally, Gupta said. He said that there is a support zone between USD 1680 and US 1700.

International Spot price of Silver

The international spot price of Silver is also up from USD 26.03 to USD 26.68. The near term outlook remains negative as the prices could come down to USD 26 internationally, Gupta said.

Gold, Silver Spot price in Delhi

The spot price of Gold in Delhi is around Rs 47,000, which is Rs up from Rs 46,200 over the 3-4 days. The spot price of silver is RS 70,500, which is also up by Rs 1000 during this period. The recent rise has been due to the sudden demand for gold and silver, Gupta said.

Price Movement Indicators

The strength in US Dollar (USD) is bringing down the price of Gold and Silver in international markets.  Gold and USD have an inverse relationship and when one goes down the other benefits. While the price of Gold and Silver is coming down, the strength in USD is neutralising the gains and making it expensive for other currencies.

The prices of Gold and Silver would have come down further for consumers in India if the USD had not become stronger. USD has appreciated quite strongly last week and is expected to gain this week too. This could negate the advantage of falling international price of Gold and Silver, for consumers back home in India.

Gupta said that the Dollar index has increased from 89.67 to 91.21 over a week period.   

Impact of US Bond Yields slowing down also helped in upward price movement for Gold and Silver.