Gold, Silver prices fall over Rs 100; Weakness to continue over this week; Expert tells strategy for INVESTMENT, TRADING
Prices of gold and silver have been triggered by many factors including movement in US Dollar and impact of Coronavirus Delta Variant. On Thursday Gold was trading at a week’s low. Analyst Anuj Gupta says that Gold futures on CME were trading at USD 1799. The prices could test levels around USD 1780 in the near term, he adds
MCX Gold and Silver futures were trading with negative bias on Thursday and were down by Rs 130 and Rs 137 around 12:10 pm. Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that he expects pressure situation for bullion. This is what he advised to investors and traders.
Gupta expects weakness to continue in the near terms. His strategy for this week is to adopt a selling strategy in Gold Futures. For investors planning to make fresh move, he recommends a wait and watch scenario. He said that prices may come down further and that could be a good investment opportunity for long term investors.
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Prices of gold and silver have been triggered by many factors including movement in US Dollar and impact of Delta Variant. On Thursday Gold was trading at a week’s low. Gupta said that Gold futures on CME were trading at USD 1799. The prices could test levels around USD 1780 in the near term, he said.
As for Silver Futures, the prices were hovering around USD 25.16. The target price is USD 24.80 during this period, Gupta said.
On MCX, the August Gold Futures were trading at Rs 47,443 per 10 gram which was cheaper by Rs 130 or 0.27 per cent. His strategy is to sell at Rs 47,600. He puts the stop loss at Rs 47,850 and the target price at Rs 47,200.
Meanwhile, MCX September Silver Futures were trading at Rs 67,000 per kg on Thursday around this time, down by Rs 137 or 0.20 per cent from the last closing price on Wednesday. He recommended Selling at Rs 67,200. He puts the stop loss at Rs 68,000 while the target price at Rs 66,000.
The price of Gold is around Rs 48,000 per 10 gram while that of Silver is around Rs 68,000.
As for prices in Dubai, 24k Gold was trading at AED 217.75 (4,406.93 Indian Rupee) per gram while 22k was trading at AED 204.50 (4,139.33 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).
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