Gold Price Today 14-04-2021: Expert tells INVESTMENT strategy as Gold and Silver prices go up
Gold Price Today 14-04-2021: Gold and Silver futures ended with a positive bias on Tuesday. Gold was expensive by Rs 545 while the Silver Futures prices were up by almost RS 1500. In physical markets in Delhi, gold is available at Rs 49,000 per 10 gram, increasing by almost Rs 1000, expert Anuj Gupta said. Meanwhile, silver prices also went up by Rs 1500 and this precious metal was trading at Rs 70,000
Gold Price Today 14-04-2021: Gold and Silver futures ended with a positive bias on Tuesday. Gold was expensive by Rs 545 while the Silver Futures prices were up by almost RS 1500. In physical markets in Delhi, gold is available at Rs 49,000 per 10 gram, increasing by almost Rs 1000, expert Anuj Gupta said. Meanwhile, silver prices also went up by Rs 1500 and this precious metal was trading at Rs 70,000.
Gupta is Vice President (VP), Commodity and Currency Research at IIFL Securities. If you are planning to invest in Gold and Silver, here is the strategy from top expert.
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The MCX June futures ended at Rs 46,964 on Tuesday, up by Rs 545 or almost 1.2 per cent from the previous closing price of Monday. Meanwhile May Futures were trading at 67,600 around this time, getting expensive by Rs 1472 or almost 2.2 per cent.
Though higher Treasury Yields took some sheen of the yellow metal, the firmness in US Dollar against the slipping rupee could be a problem for domestic customers planning to buy the yellow metal, he said.
Though bond yields have increased, the weakness in Dollar Index is keeping the price stable in the international markets. The US Dollar Index is an index of the value of the United States dollar relative to a basket of foreign currencies. But the USD is still trading strong against the Indian rupee.
For investors who already hold Gold and Silver futures, this will result in higher margins as the weaker rupee will support the Gold prices averting any correction.
Rising Coronavirus cases in the country will further lend a momentum to the prices, he said.
Gold, Silver startegy for Friday
The markets are closed on account of Ambedkar Jayanti and will reopen on Friday. He recommends a Buy on Gold Futures at 46,600. He puts stop-loss at Rs 46,200 while the target price at Rs 47,500. As for Silver, his recommendation is Buy at Rs 67,500. He puts the stop-loss at Rs 66,700 while the target price at Rs 69,000
After seeing some correction, the prices of Gold and silver steadied on Tuesday. Gold was trading around USD 1742 in the international market. The VP said Gold prices fell to USD 1734 to regain. Meanwhile Silver was trading at USD 25.35 slightly up from USD 25.30.
For domestic consumers, weakening rupee could become a setback as prices may go up also because of higher import cost. That could soon reflect in the prices, Gupta said. He says that it is a good time to buy Gold and Silver as the wedding season and Akshaya Tritiya may push the Gold and Silver prices, further up.
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