Gold Price Today – Good RECOVERY as MCX Gold up Rs 600, silver up Rs 1723 on Tuesday; Outlook for yellow metal IMPROVES

Gold Price Today - International Bullion prices have been under some pressure over the past 7-10 days with gold hitting the crucial support levels around USD 1690. Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking says that the sunny days for Gold and Silver are ahead of us as the precious metals are seeing a bounce back as estimated previously by the senior technical analyst.

The analyst had said that he expected a bounce back in prices of Gold and silver in the near term.

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The international spot price of the Gold was at USD 1714 on Tuesday after hitting levels around USD 1690 on Monday. Meanwhile, Silver also gained some lost ground trading at USD 26.02 from the last reporting price of USD 25.10.

Gupta said that the outlook remains strong amid inflationary pressure fears on the back of rising crude prices. He said that the US Dollar index also fell, helping the cause of the yellow metal. Movement of USD and Gold are inverse to each other.

MCX Gold, Silver trading strategy 

On Tuesday, the MCX April Gold Futures ended the day up by Rs 619 or 1.4 per cent up from the previous closing price on Monday. The Gold Futures were trading at Rs 44,837 per 10 gm. His strategy is to Buy Gold Futures. He recommended Buying around Rs 44,500. He puts the stop loss at Rs 44,200 while the target price at Rs 45,300. 

Meanwhile, MCX May Silver futures closed at Rs 67,575 per kg on Tuesday, getting expensive by Rs 1723 or 2.6 per cent from the last closing price on Monday. He recommended Buying in Silver Futures at Rs 65,000. He puts the stop loss at Rs 64,800 while the target price at Rs 67,000. 

Gold, Silver Spot price in Delhi 

The spot price of Gold in Delhi is around Rs 46,800, which is up from by Rs 300 from the last reporting price on Monday. The spot price of silver is Rs 68,000, which has remained unchanged from the last reporting price of Friday.