Gold Price Today – MASSIVE increase in MCX Silver price, up by Rs 4000; Gold up around Rs 200, Know trading strategy before budget

On Budget 2021 day, MCX March Silver Futures today opened with a bang and at 9:22 am, the prices were up by almost Rs 4000, trading at Rs 73,684 per kg. Meanwhile, MCX April Gold Futures were up by almost Rs 200, trading at Rs 49,515 per 10 gm around this time. What should the investors in Gold and Silver do just before the Budget 2021. Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking gives complete strategy. 

The Senior technical analyst said that there is a lot of expectations around the import duty, as the sector is expecting a cut from the current 12 per cent. For people planning to invest in Gold and Sliver, his advice is to BUY before the budget. For those planning to buy later, he recommends following the budget announcements. 

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Silver and Gold Spot price in Delhi 

Gupta said that the spot gold price in Delhi markets are around Rs 50,000 while those of silver is RS 73,000. 

Anuj Gupta Commentary on Gold and Silver - On Monday, Silver price were up around 8 percent in the international markets currently trading at USD 28.56 per Oz. Gold prices also trading on a positive note at 49,560 levels up by 0.47 per cent levels. This rally in silver prices is on account of social media posts urging retail investors to buy silver mining stocks and share silver trust, an exchange traded fund backed by silver holdings, leading to retail frenzy, in turn rising prices for the silvery metal. 

Weakness in dollar and no concrete signs of the additional USD 1.9 trillion virus relief fund by US further weighed on Gold. As of today, traders can go for buy in Gold at 49, 300 levels with the stop loss of 49,000 levels for the target of 50000 levels. They can also for buy in Silver at 72000 levels with the stop loss of 70500 levels for the target of 74,500 levels. In international market gold may test USD 1900 levels and silver may test USD 30 levels very soon.