Gold Price Today – Gold and Silver CHEAPER now; See today’s strategy HERE!

Gold and Silver ended with some weakness on Tuesday. The MCX April Gold Futures ended at Rs 46,861 per 10 gram falling by Rs 380 or 0.8 per cent from the previous close on Monday. Meanwhile, the MCX March Silver Futures were cheaper by almost Rs 811 or 1.2 per cent at the close. The Silver futures ended at Rs 69,318 per kg. What should be the strategy for gold and silver on Wednesday? What is happening to the prices of bullion in jeweller markets? Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking gives the complete picture.

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Gold and Silver spot price

Gupta said that the spot price of gold and silver have largely remained unchanged in the physical markets. He expected the prices to come down further as the US Dollar and bond yields have seen a rebound. This will weaken the prices of bullion, bringing down the prices further. Gold was available around Rs 49,000 on Tuesday while Silver was available at Rs 71,000, he said.

Gold and Silver Futures – trading strategy

The Senior Technical analyst said that the near term strategy in Gold and Silver futures is of Selling as the USD is has strengthened along with the US bond yields. He expected some correction in prices in the near term.

Gupta recommended selling in MCX April Gold Futures at Rs 47,000. He puts the stop loss at Rs 47,300 while the target price at Rs 46,500.

As for MCX March Silver Futures, he recommended selling at Rs 70,000. He puts the stop loss at Rs 70,700 while the target price at Rs 68,500.

This could also be a buying opportunity for those intending to make a fresh buy and waiting for prices to come down.