Gold Price Today – MCX rate falls by Rs 360, Silver by Rs 823 in morning trade; buy and make money, says expert!

Gold Price Today: What should the investors do with the gold and silver? What should be the strategy for traders? Has it changed? Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking has the answers to all the questions.

MCX gold and silver today opened with some weakness as the April Gold Futures were down by almost Rs 360 at 10:20 am. The MCX Gold Futures were trading at Rs 47,514 per 10 gm, down by almost 0.6 per cent from the Wednesday close. Meanwhile, March Silver Futures fell by Rs 823 around this time. The Silver Futures were trading at Rs 67,742 per kg on MCX, down by almost 1.2 per cent from the previous close.  

Gold, Silver Spot Price: 

The Senior Technical Analyst said that the spot price of gold has not changed and is still at Rs 49,000. Meanwhile, the spot price of silver has fallen by Rs 2000 from Wednesday levels.  

Make money - Gold, Silver Trading Strategy: 

Gold and Silver prices are showing some weakness on MCX and the investors should take advantage of this situation. The correction in prices of Gold and Silver futures should be seen as a buying opportunity. He remains bullish on the bullion and recommends buying in Gold and Silver, 

Gupta said MCX April Gold Futures should be bought around Rs47,300. He puts the target price at RS 48,000 while the stop loss at Rs 47,000. 

As for March Silver Futures, Gupta said that this precious metal should be bought at a price around RS 67,500. He puts the stop loss at Rs 66,500 while the target price at Rs 69,000.   

Bullion Index Strategy: 

The Bullion Index was trading at Rs 14,972 on MCX around this time, down by almost 0.9 per cent from the last close on Wednesday. He recommended a Buy at Rs 14,950. He puts the stop loss at Rs 14,850 while the target price at Rs 15,000.