Gold Price Today: Yellow metal gains Rs 300 intraday, Silver futures fall by Rs 150; analyst recommends this strategy for evening trade

MCX Gold and Silver futures were trading with a positive bias on Tuesday. The February Gold futures were trading at Rs 48,290 per 10 gram at 4:10 pm, higher by Rs 300 or 0.63 per cent from the Monday closing price. Meanwhile, March Silver futures were up by Rs 150 or 0.24 per cent around this time and were trading at Rs 62,586. 

The outlook on bullion remains positive in the immediate to near term says analyst Anuj Gupta. He said that the uncertainty around the new South African variant of Covid-19 is at play and has resulted in a stock market debacle. It has created a positive sentiment towards Gold and Silver, he added. 

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The equity markets today ended the day in the red. While the BSE Sensex was down by 157 points or 0.34 percent and settled at Rs 57,064.87, the broader market Nifty50 closed at 16,983.20, lower by almost 70 points or 0.41 per cent. 

Gupta, Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities expects gold to trade in positive territory for the remaining part of the trading session. 

He said that the sentients around Omnicron will create further traction towards the yellow metal.  

He also said that Asian currencies including the Indian Rupee took a hit against the US Dollar, making imports of Gold dearer. This has had an impact on the Gold and Silver futures too. 

His strategy on February Gold futures is a buy at Rs 47,800 with a stop loss of Rs 47,500 and the price target of Rs 48,400. As for March Silver futures, selling is recommended at Rs 62,000 with a stop loss of Rs 62,600 and price target of Rs 61,000. 

Meanwhile, brokerage firm Motilal Oswal expects February Gold Futures to trade in a range. Support is seen between Rs 47,970 and Rs 47,830 and resistance is seen between Rs 48,220 and Rs 48,350. 

It said that MCX Silver look weak as long as it was trading below Rs 63,125. It sees support between Rs 62,200 and Rs 61,965. Selling on rise is advised.