Gold and Silver futures ended this week on a positive note with Gold futures closing with gains of Rs 189 per 10 gram from the closing price on Thursday while Silver futures were expensive by Rs 273 per kg. Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities remains bullish on bullion and recommended buying in yellow metals.
MCX Gold Trading Strategy
MCX August Gold Futures were trading at Rs 47,910 per 10 gm on Friday around the closing time, getting expensive by Rs 189 or 0.40 per cent from the last closing price on Thursday. His strategy for Monday is to Buy at Rs 47,700. He puts the stop loss at Rs 47,400. He puts the target price at Rs 48,500.
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MCX Silver Trading Strategy
Meanwhile, MCX September Silver Futures were trading at Rs 69,235 per kg on Friday at the closing time, up by Rs 273 or 0.40 per cent from the last closing price on Thursday. He recommended Buying at Rs 68,500. He puts the stop loss at Rs 68,000 while the target price at Rs 70,000.
Meanwhile, the upward revision in Gold and Silver price is also reflecting in the physical markets as well. In Delhi, the price of 10 grams of gold costs Rs 48,200, which is up by Rs 400 from the last reporting price on Thursday. Silver prices have remains more-or-less same and were available at 70,000 per kg. The current price status has been suggested by Gupta.
The prices of gold and silver in Noida physical markets is more or less same to prices in Delhi.
However, there was some slippage in the international markets on the strength of the US Dollar.
As for prices in Dubai, 24k Gold was trading at AED 219 (4,441.02 Indian Rupee) per gram while 22k was trading at AED 205.75 (4,172.33 Indian Rupee). This information has been sourced from Dubai Gold & Jewellery Group (DGJG) website. The website claims DGJG to be the largest trade body for Dubai’s jewellery industry (DGJG).