Gold Price Today 30-03-2021: Gold, Silver seeing SELLING pressure; IIFL analyst recommends this

Gold Price Today 30-03-2021: The trend in Gold and Silver is of selling and any positive buying trend is expected to pick up from next week, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said. He said that the activity around the time of Holi is usually subdued.  

The MCX June Futures were trading at Rs 44,620 per 10 gm at 4:10 pm on Tuesday, down by almost 0.2 per cent or Rs 78. Meanwhile, the MCX May Futures were trading at Rs 63,984, down by Rs 190 or 0.3 per cent around this time. 

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Gupta said that the current trend in Gold and Silver is that of selling and the investors and traders are advised not to take fresh intraday and long term positions.    

In the near to medium term, the trend appears positive, he said. He said that he expected some more correction which should be seen as a buying opportunity. 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. Gupta says that the prices may shoot up as we step into the wedding season ahead of us along with Akshaya Tritiya in May.   

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Gold, Silver Spot price in Delhi  

The spot price of Gold in Delhi is around 46,000 per 10 gm. The spot price of silver is Rs 69,000. He said that the physical market prices take some time to reflect the changes.  

Gold, Silver Price Outlook  

Gupta said that international spot price of Gold was US 1705 while those of silver is USD 24.50. The buying opportunity will come at levels around USD 1690, he said adding that it expects some correction.   

Gold, Silver Price Triggers 

Gold prices slipped on Tuesday to their lowest in more than two weeks, weighed down by a firm US Dollar and Treasury yields as expectations of a swift economic turnaround grew with vaccination rates gaining traction, Reuters reported. 

Bullion, often seen as a safe store of value in times of economic turmoil, is sensitive to rising yields as they raise the opportunity cost of holding non-yielding gold.