Srinagar, Feb 19: The weakness in price of gold and silver continue even on Thursday. The yellow metal was not only cheaper in the physical markets by Rs 500 per 10 gm, silver prices were also down by as much Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. Meanwhile the MCX April Gold Futures also settled at Rs 46145, getting cheaper by Rs 92 or 0.2 per cent from the Wednesday closing price. MCX March Silver Futures were also down by over Rs 750 or over 1 per cent on Thursday. Silver Futures ended at Rs 68,479.
The domestic prices were down taking cues from the international prices. The international spot price of Gold was USD 1769, Gupta said adding that there will be a further correction and the precious metal is expected to fall to USD 1740 over the next week. International sport price of Silver was USD 26.72 which is expected to reach USD 25.50, Gupta warned.
The weakness in bullion is due to higher bond yields and strength in Dollar, he said.
Gold, Silver Spot Price
The spot price of Gold was around Rs 48,000 per 10 gm in Delhi, which was almost down by Rs 500. Meanwhile, silver spot price also came down by as much with Silver available at Rs 70,000 Gupta said.
While the outlook of gold is mildly positive, the prices may see some more correction in the near term. Gupta said that the up-coming wedding season may prevent a further fall in the precious metal in the physical markets. He recommended buying in silver and gold now for handsome gains.
Gold and Silver Futures – trading strategy
The Senior Technical analyst said that the near term strategy in Gold and Silver futures is of Selling.
Gupta recommended selling in MCX April Gold Futures at Rs 46,300. He puts the stop loss at Rs 46,600 while the target price at Rs 45,600.
As for MCX March Silver Futures, he recommended selling at Rs 69,000. He puts the stop loss at Rs 69,700 while the target price at Rs 67,800.
This could also be a buying opportunity for those intending to make a fresh buy and waiting for prices to come down.