Gold Price Today 10-03-2021 - Sentiments remain positive even as Gold prices drop by Rs 200, silver by Rs 780; Expert tells what to expect?

Gold Price Today – Bullion was under some pressure on Wednesday with MCX Gold and Silver futures trading in the red. At 5:15 pm, the MCX April Gold Futures were trading at Rs 44,650 per 10 gm, down by Rs 207 or over 0.4 per cent from the last trading price on Tuesday. Meanwhile the MCX May Silver Futures were trading at Rs 66,700 per kg, down by Rs 780 or 1.2 per cent.  

International Bullion prices have been under some pressure over the past 7-10 days with gold hitting the crucial support levels around USD 1690. Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking says that the sunny days for Gold and Silver are ahead of us as the precious metals are seeing a bounce back as estimated previously by the senior technical analyst.

See Zee Business Live TV Streaming Below:

He said that though the bullion futures have been under pressure since morning, the outlook remains mildly positive in the near to immediate term.

Gold registered its biggest jump in two months on Tuesday. On Wednesday, the yellow metal was trading negatively because of higher US treasury yields and a firming dollar.  remained a stumbling block for bullion.

The Senior Technical Analyst said that the international spot price of the Gold was around USD 1714 after hitting levels around USD 1690 on Monday. Meanwhile, Silver also gained some lost ground trading at USD 26.02 from the last reporting price of USD 25.10.

Gupta said that the outlook remains strong amid inflationary pressure fears on the back of rising crude prices. He said that the US Dollar index also fell, helping the cause of the yellow metal. Movement of USD and Gold are inverse to each other.

MCX Gold, Silver trading strategy 

His strategy is to Buy Gold Futures. He recommended Buying around Rs 44,500. He puts the stop loss at Rs 44,200 while the target price at Rs 45,200. 

As for Silver, he recommended Buying in Silver Futures at Rs 66,500. He puts the stop loss at Rs 65,800 while the target price at Rs 67,800. 

Gold, Silver Spot price in Delhi 

The spot price of Gold in Delhi is around Rs 46,800, which is unchanged from the last reporting price from Tuesday. The spot price of silver is Rs 68,000, which has also remained unchanged since Friday. He said that the spot prices are unlikely to change domestically as there is a holiday on Thursday (11 March).