Gold Price Today 12-03-2021: MCX Gold falls by Rs 500, spot Gold down Rs 300; MCX Silver drops by Rs 1140; BUY now, says this expert

Gold Price Today 12-03-2021: Weakness in Gold continued Friday with price correction in spot price and Gold Futures. While the April Gold Futures were trading down by over 1 per cent on MCX at 4 pm today from the previous closing price on Wednesday, the spot price if Gold was also down by Rs 300 from the last reporting price, Anuj Gupta of Angel Broking says

The spot price of Gold in Delhi is around Rs 46,500, which is down by Rs 300 from the last reporting price on Wednesday

Gold Price Today 12-03-2021: Weakness in Gold continued Friday, the last weekly trading day with price correction in spot price and Gold Futures. While the April Gold Futures were trading down by over 1 per cent on MCX at 4 pm today from the previous closing price on Wednesday (Domestic Markets were closed on Thursday on account of Maha Shivratri), the spot price if Gold was also down by Rs 300 from the last reporting price, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking says.
The correction in gold prices have been because of higher US bond yields and strengthening US Dollar (USD). But there has been a pullback in the price after falling to levels around USD 1690, Gupta said.

See Zee Business Live TV Streaming Below:

TRENDING NOW

Gold, Silver Spot price in Delhi

The spot price of Gold in Delhi is around Rs 46,500, which is down by Rs 300 from the last reporting price on Wednesday. The spot price of silver is Rs 68,500, which is up by Rs 500 from the last reporting price of Friday.

MCX Gold, Silver trading strategy

On Wednesday, the MCX April Gold Futures were trading negatively, falling by Rs 500 or 1.1 per cent. Gold Futures were trading at Rs 44,380. His strategy is to Buy Gold Futures. He recommended Buying around Rs 44,500. He puts the stop loss at Rs 44,200 while the target price at Rs 45,300.

Meanwhile, MCX May Silver futures were trading at Rs 66,405 per kg around this time, getting cheaper by Rs 1140 or 1.7 per cent from the last closing price on Wednesday. He recommended Buying in Silver Futures at Rs 67000. He puts the stop loss at Rs 66200 while the target price at Rs 68,500.

Gold, Silver Price Outlook

Gupta said that international spot price of Gold was US 1704, which is expected to go up to USD 1730 as the USD 1.9 trillion package by Joe Biden’s government will help it to move up. “Enormous stimulus infusion has reignited inflation worries which is driving the investors towards Gold,” he said.

As for Silver, the spot price was around USD 25.60. It is expected to go up to USD 25.50.

TAGS: