Gold Price Today 30-03-2021: Golden opportunity for buyers as yellow metal rate crashes Rs 792

Gold Price Today 30-03-2021: Gold price today crashed by Rs 792 per 10 gm at Multi Commodity Exchange (MCX). The yellow metal price at MCX is Rs 43,850 (April expiry contract), which is Rs 792 per 10 gm lower from its previous day close.

Gold Price Today 30-03-2021: According to commodity market experts, this crash in gold price is due to the April contract expiry on 5th April and rise in US bond yields. Photo: Reuters

Gold Price Today 30-03-2021: Gold price today crashed by Rs 792 per 10 gm at Multi Commodity Exchange (MCX). The yellow metal price at MCX is Rs 43,850 (April expiry contract), which is Rs 792 per 10 gm lower from its previous day close. According to commodity market experts, this crash in gold price is due to the April contract expiry on 5th April and rise in US bond yields. They said that overall gold price outlook is bullish and the June contract of gold has strong support at Rs 44,200 and it will showcase Rs 48,000 per 10 gm by its expiry. They also said that the gold price in the international market has strong support at $1,700 per ounce and the support is expected to be maintained.

Speaking on the gold price outlook Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities said, "This crash in gold price is due to the fast approaching April contract expiry and to some extent rise in the US bond yield. People are rolling over their positions from April gold contract to June gold contract. Overall, gold price has strong support at $1,700 per ounce levels and the levels is expected to remain a strong support for gold price in the international market."

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When asked about the gold price outlook in domestic markets, Anuj Gupta of IIFL Securities said, "Gold price at MCX has strong support at Rs 44,200 (June contract) and the support is expected to remain strong throughout the availability of the June gold contract. Overall, the gold price outlook is bullish and in the next two months we can witness Rs 48,000 per 10 gm at MCX and in the international market, gold price is expected to hit $1,780 to $1,800 per ounce levels."

Unveiling various levels that a gold investors must keep in mind, Amit Sajeja, Vice President — Research at Motilal Oswal said, "One can keep on accumulating gold on every big dip as gold price once sustains above Rs 45,500 to Rs 45,600 per 10 gm levels, it will soon hit Rs 48,000 per 10 gm levels."

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