Gold Price Today – Gold gets cheaper by Rs 4000 this year, Silver expensive by over Rs 1100; Know when to buy and sell
The price of gold has gone down by 7.9 per cent or Rs 3946 since the beginning of 2021. Meanwhile, Silver has gone up by over was 1.7 or Rs 1126 during this time, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said
The price of gold has gone down by 7.9 per cent or Rs 3946 since the beginning of 2021. Meanwhile, Silver has gone up by over was 1.7 or Rs 1126 during this time, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said.
On Wednesday, the MCX April Gold Futures fell by almost 1.5 per cent or Rs 679 from the previous close on Tuesday. The Gold Futures ended at Rs 46220. Meanwhile, the MCX March Silver Futures were down by Rs 175 or 0.2 per cent, ending the day at Rs 69197.
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He said that the outlook of gold is mildly positive, and the up-coming wedding season may prevent a further fall in the precious metal. He recommended buying in silver and gold now for handsome gains.
Gold, Silver Spot Price – The spot price of gold on Wednesday was between Rs 48,000 and Rs 48,500, falling between Rs 500-1000. The spot price of Silver was Rs 70,500. Gupta said that there has been a correction in spot prices of Gold and that may vary from jeweller-to-jeweller. There is some correction in the price of Silver as well, he said. While the prices of Silver have sustained, on Wednesday, the prices were down by Rs 500, he said.
The international price of Gold was USD 1782 down from USD 1793 on Tuesday while that of Silver was USD 27.34 marginally up from USD 27.32.
Gold and Silver Futures – trading strategy
The Senior Technical analyst said that the near term strategy in Gold and Silver futures is of Selling as the USD is has strengthened along with the US bond yields. He expected some correction in prices in the near term.
Gupta recommended selling in MCX April Gold Futures at Rs 46,700. He puts the stop loss at Rs 47,200 while the target price at Rs 45,900.
As for MCX March Silver Futures, he recommended selling at Rs 69,800. He puts the stop loss at Rs 70,600 while the target price at Rs 68,500.
This could also be a buying opportunity for those intending to make a fresh buy and waiting for prices to come down.
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