Gold Price Today – Gold up Rs 19, Silver almost Rs 150; HURRY-Up take advantage of price correction

For all those who have been waiting for the government to reduce the import duty on Gold and Silver, here is your buying opportunity. This step by govt, not only reduced the duty from 12.7 per cent to 7.5 per cent, the impact is now showing the prices as well. Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said the Gold prices have dropped between Rs 2000 and Rs 2500 since the import duty cuts were announced. As for silver, the prices have dropped by almost Rs 2000, he said. 

The Senior Technical Analyst is bullish on Gold and Silver and recommends a buy on bullion. He said that the outlook is positive in the near to medium term.     

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Gold, Silver spot price  

  Gupta said that the spot price of gold was at Rs 48,500 per 10 gm while that of silver was Rs 70,000 per kg. 

MCX Gold, Silver price strategy 

At 2 pm today, the MCX April Gold Futures were higher by Rs 19 from the previous close on Friday, trading at Rs 47,275. He recommended a Buy at levels around 47,200. He puts the stop loss at Rs 46,800 while the target price at Rs 47,800.  

Meanwhile, the MCX March Silver Futures also gained almost Rs 150 around this time, trading at Rs 68886. He recommended buying at Rs 68,500. He puts the stop loss at Rs 67,800 and target price at Rs 69,800.