Gold Price Today: Yellow metal’s YTD gains at 5.4%; expert sees purchasing chance as rates soften

Gold and silver futures fell on MCX on Thursday as the United States dollar index enhanced, dimming the appeal of safe-haven bullion for Indian financiers. April Gold futures were trading at Rs 57,944 per 10 grams at 10:20 am and were down by Rs 392 or 0.67% from Wednesday’s closing cost. May Silver futures were trading at Rs 66,943 per kg and were down by Rs 356 or 0.53% around this time. On Wednesday, Gold futures settled at Rs 58,338 while Silver futures at Rs 67,340. “The gain in Gold futures on the year-to-date (YTD) basis is 5.42% while 3.86% on the month-to-date basis,” product and currency professional Anuj Gupta stated. “As for Silver futures, the rates have actually recuperated greatly in March, acquiring 3.49% this month. On the YTD basis, the rates are still at a loss,” Gupta stated. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities suggests a buy on Gold and Silver futures. “Gold rates recuperated after a pullback seen a few days ago, as a fresh crisis in the banking sector turned financiers turned attention towards the safe house possession, gold,” Prathamesh Mallya, Assistant Vice President – Research, Non-Agri Commodities, and Currencies at Angel One stated. “With this up-move, the bullion has actually now reached its greatest given that early February,” he included. Mallya anticipates gold to trade lower towards Rs 57,680 levels, a break of which might trigger the rate to move lower to Rs 57,210 levels. “Gold costs in pounds reached a brand-new high, and bullion in euros likewise increased to levels not seen because records were set in 2015,” the Angel One expert notified. In
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