Gold Price Today – Price fall continues, yellow metal cheaper by Rs 80; Silver expensive by Rs 495 when markets opened on Thursday

The uncertainty in Gold prices continued even on Thursday as the yellow metal prices fell on the third straight day when the markets opened. The domestic and international prices fell on Wednesday. Meanwhile, Silver has managed to retain its shine with gains on Thursday when markets opened after closing positively on Wednesday. What should the investors expect today? Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking gives complete outlook and investment strategy.

Gold, Silver Spot Price in Delhi

The current spot price of Gold and Silver in Delhi markets was Rs 46,500 per 10 gm and Rs 70,800 per kg. Gold prices have corrected by around Rs 1000 from the last reporting price on Wednesday while Silver prices have remained unchanged, Gupta said.

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International Gold Spot price

The international spot price of gold is USD 1797 which is down from the last reporting price of USD 1810.

International Spot price of Silver

The international spot price of Silver is USD 28.01 which is down from the last reporting price of USD 27.75.

MCX Gold, Silver trading strategy

At 9 am today, MCX April Gold Futures fell for the third straight day. The Gold futures were down by Rs 79 and were trading at Rs 46443 per 10 gm. On Wednesday, the MCX April Gold Futures fell by Rs 232.

Meanwhile, the Silver futures were trading at Rs 70040 per kg around this time gaining by almost Rs 497 from the Wednesday closing. The Silver futures prices gained on Wednesday too, rising by over Rs 406.

The Senior Technical Analyst advises Selling in Gold at Rs 46,700. He puts the stop loss at Rs 47,100 while the target price at Rs 46,100. As for Silver Futures, he recommended Selling at Rs 69,800. He puts the stop loss at Rs 70,700 while the target price at Rs 68,200.

Gold, Silver Price Movers and Outlook

1. Gold is expected to go down on back of rising US bond yield. It may test levels around USD 1750 to USD 1720 levels.
2. On mcx it may test Rs 45,500 to Rs 45,000 levels
3. Gold prices struggled for traction as elevated treasury yields eroded the allure of bullion as an inflation hedge
4. Asian stocks saw gains on Thursday after US Federal Reserve Chairmain Jerome Powell reaffirmed interest rates would stay low, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.
5. In a second day of testimony in Washington, Powell reiterated the Fed's promise to get the US economy back to full employment and to not worry about inflation unless prices rose in a persistent and troubling way.