Gold Price Today – Yellow metal cheaper by Rs 160 on Thursday; Silver by Rs 18; Know what to expect today

The uncertainty in Gold prices continued even on Thursday as the yellow metal prices fell on the third straight day when the markets closed. The domestic and international prices of Gold fell on Thursday. Meanwhile, Silver ended the day with marginal losses in domestic and international markets. What should the investors expect today? Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking gives complete outlook and investment strategy.

Gold, Silver Spot Price in Delhi

Gupta said the current spot price of Gold and Silver in Delhi markets was Rs 47,400 per 10 gm and Rs 70,200 per kg. Gold prices have corrected by around Rs 100 from the last reporting price on Thursday while Silver prices have also fallen by around Rs 600, Gupta said.

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International Gold Spot price

The international spot price of gold is USD 1773 which is down from the last reporting price of USD 1797. The near term outlook remains negative as the prices could come down to USD 1750 internationally, Gupta said.

International Spot price of Silver

The international spot price of Silver is USD 27.30 which is down from the last reporting price of USD 28.01. The near term outlook remains negative as the prices could come down to USD 25.50 internationally, Gupta said.

MCX Gold, Silver trading strategy

MCX April Gold Futures fell for the third straight day ending the day at Rs 46,362 per 10 gm. The Gold futures were down by Rs 160 or 0.34 per cent from the previous closing on Wednesday. On Wednesday, the MCX April Gold Futures fell by Rs 232.

Meanwhile, MCX March Silver futures ended almost flat on Thursday and were trading at Rs 69,525 per kg. In absolute terms, Silver Futures prices were down by Rs 18 on Thursday from the Wednesday closing price. Meanwhile Silver futures prices gained on Wednesday by over Rs 406 from the Tuesday prices.

Gold, Silver Price Movers and Outlook

Gupta said that the weakness in Gold will continue. This is what he said about price movement indicators and outlook.

1. Gold is expected to go down on back of rising US bond yield. It may test levels around USD 1750 to USD 1720 levels.
2. On mcx it may test Rs 45,500 to Rs 45,000 levels
3. Gold prices struggled for traction as elevated treasury yields eroded the allure of bullion as an inflation hedge
4. Asian stocks saw gains on Thursday after US Federal Reserve Chairmain Jerome Powell reaffirmed interest rates would stay low, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.
5. In a second day of testimony in Washington, Powell reiterated the Fed's promise to get the US economy back to full employment and to not worry about inflation unless prices rose in a persistent and troubling way.