Gold Price Today – 03-06-2021 – 3 June alert! Yellow metal shows weakness after hitting 5-month high on Tuesday; make use of this buying opportunity, says expert

MCX Gold, Silver Trading strategy – MCX August Gold Futures were trading at Rs 49,430 per 10 gm around this time, getting cheaper by almost Rs Rs 171 or 0.34 per cent from the last closing price on Wednesday. Gupta recommended a Buy on Gold Futures at Rs 49,300. He puts the stop loss at Rs 49,000 while the target price at Rs 49,800

In the physical markets in Delhi, Gold was trading at Rs 51,000 while Silver was trading around Rs 73,500. Source: Reuters

Gold and Silver Futures on Thursday were trading with a negative bias at 12:10 pm falling by over Rs 170 and Rs 500 respectively. The domestic prices took cues from the international trends in the absence of any major domestic indicators Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said.

After hitting its highest level of USD 1916.40 on 8 January, the yellow metal showed weakness for the second consecutive day on Thursday. It was trading around USD 1903. The subdued show in bullion was on the back of a stronger US Dollar and positive commentary on the economic situation in the US. US Federal Reserve officials have been maintaining that the current price pressures were temporary. Meanwhile, Silver was trading around USD 28.12.

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Gupta said that the target on Gold and Silver prices remains intact with Gold expected to touch levels around USD 1930 while Silver is staring at levels around USD 30.

MCX Gold, Silver Trading strategy – MCX August Gold Futures were trading at Rs 49,430 per 10 gm around this time, getting cheaper by almost Rs Rs 171 or 0.34 per cent from the last closing price on Wednesday. Gupta recommended a Buy on Gold Futures at Rs 49,300. He puts the stop loss at Rs 49,000 while the target price at Rs 49,800.

Meanwhile, MCX July Silver Futures were trading at Rs 72,170 per kg, down by Rs 508 or 0.7 per cent from the last closing price. He recommended a Buy in Silver at Rs 72,000. He puts the stop loss at Rs 71,400 while the target price at Rs 73,200.

In the physical markets in Delhi, Gold was trading at Rs 51,000 while Silver was trading around Rs 73,500. He said that there has not been any change in the prices of physical gold and silver over the last 4-5 days.

Gold Vs Silver – Gupta is bullish on both Gold and Silver in the near to medium term. He said that the bullion is set for big gains going down the line. But the real winner for investors has been Silver which has risen by almost 6 per cent since the beginning of January 2021 while the yellow metal is still in the negative from the highs of August 2020, when it hit its peak.

But over April and May months, Gold has shone brightly gaining by almost 9 per cent while the average increase has been just over 6 per cent for silver during this period. Gupta said that Silver has shown higher volatility, though.

The overall increase for Gold during the last 2 months has been over Rs 4500, he further said.

However, better days are ahead for Gold and Silver, he reiterated.

Fragile US economy, geo-political tension, growing coronavirus cases and crypto currency ban in China have all helped to the cause of the bullion over the months of April and May, he further said.

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