Gold Price Outlook – Monday Trading Strategy – Buy MCX Gold, Silver Futures at these levels to MXIXMISE GAINS
Over the first 1-week period, the prices of Gold have seen an increase 0.50 per cent while that of silver by 0.7 per cent. The prices have been soft over June-August period, expert Anuj Gupta says. MCX Gold Futures became cheaper by 1.32 per cent in August while the price of MCX Silver Futures were down by almost 7 per cent during this period, Gupta said
Gold Price Outlook – MCX October Gold Futures ended with a negative bias on Friday, getting cheaper by Rs 186 from the previous closing price on Wednesday. Meanwhile, December Silver Futures were also cheaper by Rs 559 form the previous closing price. Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that this correction presents a buying opportunity for traders and investors. He said that the near term outlook of bullion prices remains strong. His strategy is to buy Gold Futures and Silver Futures when the markets reopen on Monday.
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MCX Gold Price Strategy – 13 September
The October Gold Futures ended at Rs 46808 per 10 gram on Friday. The prices were down by Rs 186 or 0.40 per cent from the last closing price on Thursday. His strategy for Monday is to Buy Gold Futures at Rs 46,600. He puts the stop loss at Rs 46,300. He puts the target price at Rs 47,300.
MCX Silver Price Strategy – 13 September - MCX December Silver Futures ended at Rs 63,599 per kg on Friday, down by Rs 559 or 0.87 per cent from the last closing price on Thursday. He recommended buying at Rs 63,000. He puts the stop loss at Rs 62,200 while the target price at Rs 64,500.
Over the first 1-week period, the prices of Gold have seen an increase 0.50 per cent while that of silver by 0.7 per cent. The prices have been soft over June-August period, he said. MCX Gold Futures became cheaper by 1.32 per cent in August while the price of MCX Silver Futures were down by almost 7 per cent during this period, Gupta said. This was on the back of 1.90 per cent increase in price of yellow metal during the July month. However, in June the prices of Gold fell by almost 5.15 per cent.
As per Gupta, Silver futures’ prices fell by 1.78 per in July. The prices fell by 5.51 per cent in June and around 7 per cent in August, he previously told Zee Business Web Team.
The price of 24 carat gold in physical markets in Delhi is around Rs 47,500 per 10 gram while that of 1 kg silver is Rs 65,000. Gold prices could hit Rs 50,000 till Diwali, Gupta opines. He said that the domestic prices could go up as we head to the festive season. There could be some buying activity as we head to the Ganesh Chaturthi festival on 10 September.
The advantage of price correction over the last three months could wane out as we head into the festive season, Gupta warns.
Gold, Silver Price - International Markets - The prices in the international markets were around USD 1787 when the markets closed. Meanwhile, Silver was trading at USD 23.73, Gupta said.
Gold Price in Dubai - As for prices in Dubai, 24k Gold was trading at AED 216.50 (4,333.94 Indian Rupee) per gram while 22k was trading at AED 203.25 (4,068.70 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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