Gold Price Today 31-03-2021: Delhi spot prices fall further on Wednesday at Rs 45,800; MCX Gold down by Rs 177

Gold Price Today 31-03-2021: Gold prices slipped nearly 2 per cent on Tuesday as US Dollar gained strength coupled with higher Treasury yields. Hopes for a faster US economic recovery is dampening the demand for safe-haven bullion, a Motilal Oswal report says.

On Wednesday, at 6 pm, June Gold Futures were trading at Rs 44,246 per 10 gm on MCX, falling by Rs 177 while May Silver Futures were trading at Rs 62,860 per kg, getting cheaper by Rs 264 or 0.4 per cent.

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Gold Price Today

The brokerage house said that Gold will trade with negative bias on Wednesday. It puts support at Rs 44,120-43,980 and resistance at Rs 44,570-44750. Advises selling near the resistance.  

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a similar strategy. Gupta said that bullion is witnessing a selling pressure. Sell June Gold Futures at Rs 44,500. He puts stop loss at Rs 44,700 and target price at Rs 44,000.  

The spot price of Gold in Delhi was Rs 45,800 per 10 gm, which is cheaper by Rs 200 from the last reporting price on Tuesday, Gupta said.  

As for international Gold, the yellow metal was trading at USD 1686 around this time.   

Silver Price Today  

Motilal Oswal said that Silver will trade with negative bias on Wednesday. It puts support at Rs 62,470-62,250 and resistance at Rs 63,250-63550. Advises selling near the resistance.  

Analyst Gupta has a similar view on Silver. He sees weakness in this precious metal and recommends selling in May Silver Futures at Rs 63,400. He puts stop loss at Rs 63,950 and target price at Rs 62,300.  

The trend in Gold and Silver is of selling and any positive buying trend is expected to pick up from next week, Gupta further said.

Gold, Silver Price Outlook  

Gupta said the near to medium term outlook remains positive. Gold prices have fallen by over 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.    

Gold, Silver – watch out for this    

The US 10- year Treasury yield rose as far as 1.776 per cent, its highest since January, Motilal Oswal report said.

US consumer confidence data also supported the economic recovery rationale.

IMF looking to raise its forecast for global economic growth in 2021 and 2022 after last years 3.5 per cent contraction.