Gold Price Today: Know why NOT to buy gold, silver now; See levels to MAXIMISE your profit?

Gold Price Today – If you are planning to invest in bullion, this is what you must know! Aggressive buying, now, will not give Good Returns on Gold and Silver investments. Zee Business expert Anuj Gupta tells what strategy to take while planning investments in Gold and Silver. He also gives crucial levels for intraday trading on MCX Gold and Silver futures.

Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said that there are plenty of options for investment in Gold. It includes buying from the physical market, ETF, Sovereign Gold Bonds (SGB) and MCX futures. He however cautions against the timing.

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Gupta recommended selling gold. He recommended the numbers involved too. He said sell gold at at Rs 49,000. He put the stop loss at Rs 49,400 while the target price at Rs 48,300.

Outlook for Gold and Silver

The technical analyst said that he expects correction in gold and silver price and this may not be the right time to indulge in aggressive buying of bullion. Gupta said that the the nearterm outlook in Gold and silver is weak, though the medium to longterm situation remains intact.

US President Elect Joe Biden taking the Oval Office will lend a lot of stability. This could take some sheen off Gold and Silver. Gold is a safe haven for investors at the time of uncertainties.

Moreover, the US Dollar and Bond Yields have been on a recovery path from the lower levels, he added. This will likely trigger some correction, he further said.

The domestic indicators are Budget 2021 where the gems and jewellery sector is demanding reduction in import duty from over 12 per cent now to around 6 per cent. He said that people should wait till the Budget 2021 is presented on 1 February.

Another demand is to relax rules around the KYC requirements to buy jwellery, gems and other precious stones. Under this, the buyer is required to give PAN and Aadhaar details for purchases made above Rs 2 lakhs.

Gold Investment Strategy - The price of spot gold is around Rs 50,000 per 10 gram. He expected the price to come around 47,000 which should be the right levels to invest in physical gold.

As for MCX February Gold Futures, the yellow metal was trading at Rs 48,853 per 10 gram, down by almost 0.9 per cent from the previous close on Wednesday.

Silver Investment Strategy

Thespot price of silver was Rs 65,170. The MCX March Silver futures were trading at Rs 65,135 per 1 kg around this time, down by over 1.3 per cent. He recommended selling at Rs 65,800. The stop loss is Rs 66,600 and the target price is Rs 64,500.

He recommends WAIT and WATCH strategy.