Gold Price Today 21 January 2021 – Gold gains by Rs 200 in morning trade, Silver price stronger by Rs 740; Expert recommends BUY!
Gold Price Today: After days of weakness in the Delhi bullion markets, Gold and Silver prices were trading with strength on Thursday. Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said the yellow metal is going strong and people wanting to invest in gold and silver can now go ahead and buy
Gold Price Today: After days of weakness in the Delhi bullion markets, Gold and Silver prices were trading with strength on Thursday. Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said the yellow metal is going strong and people wanting to invest in gold and silver can now go ahead and buy. He said that there is a profit-making opportunity and if gold and silver are purchased now, people can earn good returns.
He said that gold price is expected to see an uptick in the near term.
See Zee Business Live TV Streaming Below:
Spot Price of Gold and Silver – Gupta said that the spot price of gold in Delhi on Thursday was Rs 50,500 per 10 gm while that of Silver was Rs 69,000 per kg. He expects the spot price to reach between Rs 51,000 and Rs 52,000 over the next 15 days.
At 11:20 am the price of MCX February Gold Futures were trading up almost Rs 200 at Rs 49,740. Gupta said that investors should Buy Gold Futures around Rs 49,500. He puts the stop loss at Rs 49,250 while the target price at Rs 50,000.
Meanwhile the MCX March Silver Futures gained almost Rs 738 around this time and were trading at Rs 67,728. He recommended a Buy on Silver futures. He puts the stop loss at Rs 66,300 while the target price at Rs 68,900.
Another expert Amit Sajeja, Vice President -Research, Commodity and Currency at Motilal Oswal said that Gold and Silver will trade with a positive bias. The Support range for MCX Gold is 49,300-49,100 and the resistance range is Rs 49,850-50050. Buying on dips advised near support levels.
As for MCX Silver Support range is 66,750-66,450 and the resistance range is Rs 67,850-68150. Buying on dips advised near support levels.
Major Triggers – What will trigger prices in Gold and Silver? Know here
While Joe Biden taking over the reins in the US will strengthen equity markets and stabilise US Dollar, the news around stimulus package will continue supporting Gold, Gupta said.
Gold prices continue to hover near two-week highs on stimulus plans anticipated from the Joe Biden administration and a broad commodities rally spurred by the inauguration of the 46th US President, Sajeja said.
Volatility in dollar and yields attracted investors towards the bullions, he added.
Opportunities in 2021 for buying Gold, Silver
If you are an avid investor in Gold and silver then there will be opportunities for you to buy. A report from the World Gold Council (WGC) tells that the sentiments around consumption have improved now, in comparison to last year when the pandemic started. The demand of Gold has seen improvement. the demand for Gold during Dhanteras was down from the usual demand around this time, though it picked up from the situation during the April-June 2020 quarter. As economies open and opportunities of investment in other avenues pick up, more stability is expected. This will give good opportunities for investment in Gold and Silver.
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.