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Gold Price Today 03-05-2021: Gold, Silver futures gain on Monday; expert recommends buying now as prices to rise by Akshaya Tritiya

Zee Business logo Zee Business 03-05-2021 zeebizindia@gmail.com (Zee Business)
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Gold Price Today 31-03-2021: Less than two weeks to go for Akshaya Tritiya and many people have started planning to buy Gold. This day is considered auspicious for buying Gold. Akshaya Tritiya is on 14 May. The prices of Gold and Silver are already going up and as the demand situation picks up, the price of yellow metal will likely go up further. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities has some advice for people who are planning to buy gold and silver in digital form or in the physical markets. 

Gupta said that the outlook of Gold and Silver remains strong over the next week. Both, Gold and Silver are expected to trade high, he added. 

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The situation in Global and domestic equity markets remain weak, Gupta said adding that this will pull investors towards gold and silver which are considered haven. 

Another important factor that the investors should watch out for is the domestic coronavirus situation that is getting worse. The daily infections are on the rise. Moreover, weakness in rupee against the USD remains a problem. This will keep the prices of Gold and Silver at a premium, he further said.  

The USDINR futures were trading at 74.55.         

Gold, Silver Price Today  

The senior technical analyst said that Gold was trading at Rs 49,000 per 10 gm in the Delhi markets while that of silver was Rs 71,000 per kg. In the International markets, Gold price was USD 1775 while Silver price was USD 26.10. This is expected to go up to USD 1810 and USD 27 respectively, he further said.  

MCX Gold Price Today  

MCX June Gold Futures were trading at Rs 47,060 per 10 gm at 1:30 pm on Monday, gaining by Rs 323 or 0.7 per cent from the last closing price on Friday. Gupta recommends a Buy at Rs 47,000. He puts the stop loss at Rs 46,700 while the target price at Rs 47,400. 

MCX Silver Price Today  

MCX July Silver Futures were trading at Rs 69,063 per 1 kg around this time, gaining by Rs 697 or over 1 per cent from the last closing price on Friday. Gupta recommends a Buy at Rs 68,800. He puts the stop loss at Rs 68,500 while the target price at Rs 68,900.

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