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Analysts believe the lower prices of gold and silver in physical markets is expected to push demand further.
Gold prices came under pressure in Indian markets on March 10 after a sharp rebound a day earlier and that’s amid a rally in risky assets like equities.
India Gold MCX April futures prices traded with a negative bias in morning trade tracking muted trend in international spot prices. Globally, spot gold was trading flat at $1,716.5 per ounce.
In the domestic markets on March 10, on MCX, April gold contracts were trading lower by 0.28% at Rs 44,732 for 10 grams, while May silver futures were trading 0.8% lower at Rs 66,940 a kilogram in early morning trade.
Gold and silver had reversed their downtrend yesterday amid profit-taking in the dollar and 10-year bond yield.
A sharp jump in US bond yields, vaccine rollouts and a rally in stock markets pressure have been putting pressure on gold rates this year after the stellar run in 2020.
In physical markets, the price of 10-grams of 22-carat gold dipped to Rs 43,430 as against March 9th’s Rs 43,680.
Notably, gold and silver jewellery prices vary across India due to excise duty and state taxes.
Talking about prices in key cities we track, in Delhi, the price of 24-carat gold was registered to be Rs 47,780 per 10 grams on March 10, while the 22-carat gold was being sold at Rs 43,800.
In Mumbai, 24-carat gold on March 10 dipped to Rs 44,430 per 10 grams and the 22-carat gold was being sold at Rs 43,430.
Analysts believe the lower prices of gold and silver in physical markets is expected to push demand further.
For traders also, experts say one can look at buying gold at current prices.
Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said, “Traders can go for ‘buy’ in gold at Rs 44,500 levels with the stop-loss of Rs 44,200 levels and for the target of Rs 45,300 levels. They also go for ‘buy’ in silver at Rs 66,600 levels with the stop-loss of Rs 65,900 levels for the target of Rs 68,000”.
Gupta also believes that soon a bounce from current levels can be expected in the international spot prices of gold as he expects gold to touch $1,730 per ounce soon.