Gold Price Today: What will happen today to precious metals? Know what to expect today

Gold price ended with strength on Tuesday. The MCX April Gold Futures were trading around Rs 47,930 per 10 gm at the close, up by almost Rs 91 from the last close on Monday and the trend is expected to remain positive for the day, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. Meanwhile, Silver ended with some weakness on Tuesday. It was trading at Rs 69,576 at the close, down by almost Rs 500. What is expected on Wednesday?  

Gupta explains what lies ahead for investors on Wednesday and what is supporting Gold and Silver and how inflation will impacts the prices.        

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The trend will remain positive in the near to medium term, he said. The dollar fell to a one-week low on Tuesday, as a slide in US Treasury yields raised doubts about the outlook for the greenback against the backdrop of a looming US fiscal stimulus package, Gupta said indicating this uncertainty to be in favour for bullion. 

Gold, Silver – Important domestic and international indicators    

The spot price of Gold is Rs 49,500 while that of Silver is Rs 71,500. The spot price of Gold has increased by Rs 500, discounting some earlier gains because of the import duty cut, he said. He said that there has been an upside as the international prices have firmed up. The international spot price is USD 1842 while that of silver is USD 27.40, he said.  

Gupta said that there is inflationary pressure as crude prices have are seeing a price increase. This will only strengthen the position of bullion.   

Other positive indicator for Gold is the US stimulus package, he further said.  

There is also a domestic factor at play as the wedding season will be beginning soon that could result in higher demand for gold and silver. This may keep the prices up. He said that it is better to buy now.  

MCX Gold, Silver trading strategy  

This analyst recommended a buy on Gold and Silver. He said that MCX April Gold Futures should be bought at levels around Rs 47,800. He puts the stop loss at Rs 47,500 and the target price at Rs 48,500.  

As for MCX March Silver Futures, he recommended buy at Rs 69,300. He puts the stop loss at Rs 68,600 while the target price at Rs 70,500.