Gold Price Today – Gold price up by Rs 200, Silver price up by Rs 480; This analyst gives outlook, trading strategy here!

Good News for investors willing to buy gold. The near term outlook of Gold is weak which could likely bring correction in price of this bullion metal, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. Any correction from here should be seen as a buying opportunity, he said.

At 12:10 pm MCX Gold Price Today was up by Rs 200, while Silver price was up by Rs 480.

The Senior Technical Analyst said that the domestic prices of Gold and Silver will take cues from the global trends. The international prices have seen some weakness because of rising US bond yields. This is due to the USD1.9 trillion stimulus package announced by the Joe Biden Government.

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MCX Gold, Silver trading strategy

On Monday, the MCX April Gold Futures and MCX March Silver Futures opened in the green. At 9:10 am, Gold Futures were up by Rs 140 from the Friday Closing price and were trading at Rs 46,336 per 10 gm.

Gupta said that the strategy for MCX April Gold Futures is of Selling. He recommended selling at Rs 46,600. He puts the stop loss at Rs 47,100 while the target price at Rs 45,800.

Meanwhile the March Silver Futures were also up by Rs 374 from the last closing price around this time. They were trading at Rs 69,386 per kg.     

Gold Silver International Spot Price

The international spot price of Gold is USD 1785 which is expected to go down and see levels around USD 1750, Gupta said. As for Silver, the international prices currently at USD 27.45 may go down up to USD 26.

Gold Silver Domestic Spot Price

The spot price of gold in Delhi’s physical markets are around Rs 47,800 per 10 gm. The spot price of Silver is Rs 70,000. Gupta said that the Gold and Silver Price have sustained themselves, trading in a range.

He said that the outlook of gold is mildly negative, though the up-coming wedding season may not effect a significant fall in Gold and Silver prices in the physical markets. He said that any correction should however be utilised for handsome gains.

Gold, Silver Price change:

The Senior Analyst said that Gold has fallen by Rs 3840 or 7.66 per cent per 10 gm since the beginning of 2021. Silver price has increased by Rs 1316 or almost 2 per cent during this period.