Gold, Silver Prices Today 8 June 2021: Check Delhi, Noida, Dubai latest rates; expect some profit booking today, expert says
Gold, Silver Prices Today 8 June 2021 in Delhi, Noida, Dubai: Expect some profit booking in Gold and Silver futures today, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said adding that selling in MCX Gold and Silver futures is advised to maximise profits
Gold, Silver Prices Today 8 June 2021 in Delhi, Noida, Dubai: Expect some profit booking in Gold and Silver futures today, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said adding that selling in MCX Gold and Silver futures is advised to maximise profits. While Gold was trading with a slight positive bias on Tuesday at 12:45 pm, Silver futures continued their downward movement.
The ongoing weakness is a result of a stronger US Dollar coupled with the Friday job numbers in the country, Gupta said. These two reasons have been the immediate triggers for lack of shine in bullion, considered as a haven, he added. He said the ongoing softening in prices should be seen as a temporary activity.
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MCX Gold and Silver traded in a range-bound manner during the previous week, correcting by almost 1 per cent.
Outlook Positive in near to medium term
On the domestic front, MCX Gold and Silver Futures have been growing from strength-to-strength over the last 3 months with the yellow metal gaining by as much as 10 per cent. The senior technical analyst says that the outlook remains positive in the near to medium term. His recommendation for Tuesday is a SELL on Gold and Silver futures.
MCX Gold, Silver Trading strategy
At 12:45 pm on Tuesday, MCX August Gold Futures were trading at Rs 49,202 per 10 gm, getting expensive by almost Rs 59 from the last closing price on Monday. Gupta recommended a Sell on August Gold Futures at Rs 49,100. He puts the stop loss at Rs 49,450 while the target price at Rs 48,800.
Meanwhile, MCX July Silver Futures were trading at Rs 71,480 per kg, down by Rs 337 or 0.5 per cent from the last closing price around this time. He recommended a Sell in Silver futures at Rs 72,000. He puts the stop loss at Rs 72,450 while the target price at Rs 71,000.
In the international market, spot Gold was trading around 1890 while Spot silver was trading around USD 27.80, Gupta said. He expects it to test levels around USD 1940 in the positional medium term period. As for Silver, he expected it to reach levels around USD 30 withing the same time.
Gold and Silver prices in Delhi
In the physical markets in Delhi, Gold was trading at Rs 51,000 while Silver was trading around Rs 73,500. The prices have remained stagnant in recent times because of very less activity.
Gold and Silver prices in Noida
He said that the Gold and Silver prices in Noida are also similar to those in Delhi.
Gold prices in Dubai
As for prices in Dubai, 24k Gold was trading at AED 229.75 (4,557.02 Indian Rupee) per gram while 22k was trading at AED 215.75 (4,279.34 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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