Gold Price Today 13-05-2021: Opportunity to buy Gold at these levels this Akshaya Tritiya; expert gives money-making tips
Gold Price Today 13-05-2021: Friday will be a big day for the investors of Gold and Silver as one of the most auspicious occasions to buy Gold will fall. Akshaya Tritiya will fall on Friday and if you are still wondering whether to buy Gold or not and at what levels, here is your clue from the expert. Here is what to do when commodities market resumes trading today
Gold Price Today 13-05-2021: While the stock markets are closed on today on account of Eid-ul-Fitr, the commodities market will resume trading in the evening at 5 pm. On Friday, there will be a big day for the investors of Gold and Silver as one of the most auspicious occasions to buy Gold will fall. Akshaya Tritiya will fall on Friday and if you are still wondering whether to buy Gold or not and at what levels, here is your clue from the expert.
Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities recommends buying in Gold saying that the prices are likely to go up in the near term.
See Zee Business Live TV Streaming Below:
Amid the restrictions across the country because of the Coronavirus Pandemic, the excitement towards buying of Gold has been a bit lacklustre till now. However, it may pick up to some extent today and tomorrow. The prices are likely to remain on the higher side.
While the shops are largely closed, the price of physical gold is still around Rs 49,500 per 10 gm while that of Silver is Rs 73,500.
The weakness in Dollar could keep the price of bullion in check, Gupta said adding that the impact would not immediately transfer to the physical delivery of gold and silver.
He recommends buying in Gold and Silver. While Gold has corrected by almost 4 per cent this year, Silver has gained over 6 per cent.
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.
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, Gupta said. 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.
MCX Gold Futures Price
MCX June Gold Futures ended at Rs 47,472 per 10 gm on Wednesday, losing by Rs 161 or almost 0.34 per cent from the last closing price on Monday. He recommended buying around Rs 47,400. He puts the target price at Rs 47,800 while the stop loss at Rs 47,100.
MCX Silver Futures Price
Meanwhile, MCX July Silver Futures were trading at Rs 71,120 per 1 kg, losing by Rs 809 or around 1.12 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 70,300.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.