Akshaya Tritiya: Two days to go! Amid lockdown, this is how to buy yellow metal this year

Only two more days are left for Akshaya Tritiya – an auspicious occasion to buy Gold. This year Akshaya Tritiya is falling on 14 May 2021. If you are still confused about whether to buy Gold or not, then here is your answer. Historically, the price of Gold has increased during this time and there are only fewer cases when the prices have consolidated or moved sideways according to a report published by Motilal Oswal

With the coronavirus pandemic at its peak, one may look to buy Gold online, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities. Source: Reuters

Only two more days are left for Akshaya Tritiya – an auspicious occasion to buy Gold. This year Akshaya Tritiya is falling on 14 May 2021. If you are still confused about whether to buy Gold or not, then here is your answer. Historically, the price of Gold has increased during this time and there are only fewer cases when the prices have consolidated or moved sideways according to a report published by Motilal Oswal.

In this report by analyst Manav Modi and Navneet Damani, Head Research Commodities and Currencies, from of festivals it is said that the historical trend and the current fundamental and technical set up suggest that the prices could maintain the upside momentum.

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Is it a good time to buy gold?

The brokerage firm maintains a bullish stance on Gold. The post budget prices correction is a good level to enter once again for and immediate targets towards Rs 50,000 and eventually hitting new highs of Rs 56,500 and above over the next 12-15 months, the brokerage firm said.

As for Gold on COMEX, Motilal Oswal recommends buying for a short to medium perspective targeting new lifetime highs towards USD 2050 followed by USD 2200.

How to buy Gold?

With the coronavirus pandemic at its peak, one may look to buy Gold online, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities.

All major brands including MMTC, Tanishq are selling Gold online. One can also buy Gold from payment wallets like Paytm, PhonePe or under Gold Rush scheme of the Stockholding Corporation of India.

Gold, Silver Price in Delhi – On Tuesday, Gold was trading around Rs 50,000 per 10 gm while the Silver was trading around Rs 73,500 per kg. Silver has outperformed Gold in terms of returns this year. While Gold has corrected by almost 4 per cent, Silver has gained over 6 per cent.

MCX Gold Futures

At 4:36 pm on Tuesday, MCX June Gold Futures were trading at Rs 47,790 per 10 gm, losing by Rs 161 or almost 0.34 per cent from the last closing price on Monday. He recommended buying around Rs 47,800. He puts the target price at Rs 48,300 while the stop loss at Rs 47,600.

MCX Silver Futures Price
Meanwhile, MCX July Silver Futures were trading at Rs 71,745 per 1 kg, gaining by Rs 200 or around 0.3 per cent from the last closing price on Monday. He recommended buying around Rs 71,000. He puts the target price at Rs 72,300 while the stop loss at Rs 70,200.

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