Gold Price Today – Why to buy Gold, Silver NOW - Expert provides money-making tips

The Budget 2021 announcement by Finance Minister Nirmala Sitharaman slashing the import duty on Gold and Silver has started reflecting in the jewellery markets, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. He said that impact has been immediate as Gold prices have dropped significantly despite the price in international market holding up

The MCX Gold has corrected by almost Rs 1000 or around 3 percent from the time before announcement till now. Source: Reuters

The Budget 2021 announcement by Finance Minister Nirmala Sitharaman slashing the import duty on Gold and Silver has started reflecting in the jewellery markets, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. He said that impact has been immediate as Gold prices have dropped significantly despite the price in international market holding up. He said that it is the right time to invest in Gold and Silver.

Why it is the right time to invest in Gold

The MCX Gold has corrected by almost Rs 1000 or around 3 percent from the time before announcement till now. At 11:20 am, MCX Gold was down by Rs 350 or by 0.7 per cent from the Monday closing price, trading at Rs 48,371 per 10 gm.

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In the physical market, the price correction was not as much, he said. Before the Budget 2021 announcement on Monday, the spot price of gold was around Rs 50,000. It is now Rs 49,500, which is not as much, he added.

Meanwhile, MCX the impact on silver has not been as much since it gained by almost Rs 3000 on Monday while there has been a correction by almost Rs 1500 silver on Tuesday. It was trading Rs 72,319 per kg. In physical market, the price is around Rs 73,000.

Why to buy Gold, Silver NOW?

While the slashing of duty is a welcome change and would bring down the prices significantly, the best time to buy gold and silver is now, the Senior Technical Analyst opined. He said as the international prices are expected to hold firm and may even appreciate, so the slashing of duty may not translate into gains if not purchased now.

The significant change in price has been on the back of budget announcement.

MCX Gold, Silver price strategy

He recommends buying in MCX Gold Futures at Rs 48,000. He puts the Stop Loss at Rs 47,700 and target price Rs 48,800. As for Silver, he recommended buying at Rs 71,800. He puts the stop loss at Rs 71,000 and target price at Rs 73,000.

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