Gold Price Today 18-04-2021 - Be prepared to pay more for Gold, Silver; not just coronavirus, bullion prices may jump because of THIS reason
Gold Price Today 18-04-2021: Apart from the rising coronavirus pandemic, there is something else which could lead to the price escalation in Gold and Silver. Expert Anuj Gupta said that the Geopolitical tension between the US and Russia is triggering a demand for yellow metal as bullion is considered as haven at the time of crisis. Gold could test levels between USD 1780 and USD 1800 levels very soon
Gold Price Today 18-04-2021: Apart from the rising coronavirus pandemic, there is something else brewing up and which could lead to the price escalation in Gold and Silver. Expert Anuj Gupta said that the Geopolitical tension between the US and Russia is triggering a demand for yellow metal as bullion is considered as haven at the time of crisis. According to his estates Gold could test levels between USD 1780 and USD 1800 levels very soon.
In last 3 weeks gold increase by over 5.40 per cent, Gupta said. In international market it has breached the resistance levels of USD 1752 and trading at USD 1777 per ounce levels.
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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.
MCX Gold - On Friday, the MCX June Futures ended at Rs 47,350 per 10 gm, gaining almost 0.4 per cent or Rs 175.
MCX Silver – Meanwhile MCX May Silver Futures ended almost flat from the previous trading price of Thursday. It ended at Rs 68,602 per kg becoming expensive by Rs 62 on Friday.
Gold, Silver Price in Delhi - In physical market premium has also increased from 1500 to 2000 Rs per 10 grams and Gold was last trading around Rs 49,200, the VP. Meanwhile, silver prices also went up by Rs 500 and this precious metal was trading at Rs 70,500.
Gold, Silver Price Indicators
- Though the Rupee has recovered some ground against the US Dollar (USD), the outlook remains weak. This will make imports dearer resulting in hikes in the prices of Gold and Silver, Gupta said.
- Geo-political tensions could further escalate prices firming up the position for bullion, Gupta said.
- Meanwhile, softening in bond yields may also give support to International gold prices.
- Rising Coronavirus cases would create hurdles for economies, leading to higher traction towards Gold.
On the domestic front, another important determinant will be the festive and wedding season agheed of us. India imported 471 per cent more gold, Gupta said adding that this indicated a likelihood of huge demand going forward.
According to Gupta’s estimates, Gold could reach levels around Rs 52000 - 53000 by Diwali.
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