Gold Price Today – Will rates shoot up ahead of wedding season?

Gold and Silver prices are strong today and the trend is expected to remain positive for the day, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. He explains what is supporting Gold and Silver rates and how inflation will impact prices, thereby providing a window to buyers whether they will end up making a tidy profit or not

This analyst recommended a buy on Gold and Silver. He said that MCX April Gold Futures should be bought at levels around Rs 47,900. He puts the stop loss at Rs 47,500 and the target price at Rs 48,800. Source: Reuters

Gold and Silver prices are strong today and the trend is expected to remain positive for the day, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. He explains what is supporting Gold and Silver rates and how inflation will impact prices, thereby providing a window to buyers whether they will end up making a tidy profit or not.

On Tuesday, at 9:06, MCX April Gold Futures were trading around Rs 48,029 per 10 gm, up by almost Rs 200 from the last close on Monday. Meanwhile, Silver was trading at Rs 70,184 around this time, up by almost Rs 100.

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The trend will remain positive in the near to medium term, he said.

Gold, Silver – Important domestic and international indicators

The spot price of Gold is Rs 49,500 while that of Silver is Rs 71,500. The spot price of Gold has increased by Rs 500, discounting some earlier gains because of the import duty cut, he said. He said that there has been an upside as the international prices have firmed up. The international spot price is USD 1840 while that of silver is USD 27.50, he said.

Gupta said that there is inflationary pressure as crude prices have are seeing a price increase. This will only strengthen the position of bullion.

Other positive indicator for Gold is the US stimulus package, he further said.

There is also a domestic factor at play as the wedding season will be beginning soon that could result in higher demand for gold and silver. This may keep the prices up. He said that it is better to buy now.

MCX Gold, Silver trading strategy

As for MCX March Silver Futures, he recommended buy at Rs 70,000. He puts the stop loss at Rs 69,000 while the target price at Rs 71,300.

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