Gold Price Today 24 Carat: MCX Gold Futures down by Rs 125, Silver Futures dips by Rs 700; see strategy for MAXIMISING GAINS
Over the 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, analyst Anuj Gupta said
24 Carat Gold Price Today - The Gold and Silver futures were trading with some negative bias on Tuesday around 4 pm on the MCX. While MCX October Gold Futures were trading cheaper by Rs 125 from the closing price on Monday, the MCX December Silver Futures were trading down by Rs 705. The outlook remains strong in the near term, says Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities. His strategy is to buy Gold and Silver futures to maximise gains.
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Gold Price Strategy – 7 September
The October Gold Futures were trading at Rs 47,300 per 10 gram on Tuesday at around 4 pm. The price were down by Rs 125 or 0.26 per cent from the last closing price on Monday. His strategy for today is to Buy Gold Futures at Rs 47,200. He puts the stop loss at Rs 47,000. He puts the target price at Rs 47,600.
Silver Price Strategy – 7 September
Meanwhile, MCX December Silver Futures were trading at Rs 64,587 per kg on Tuesday, down by Rs 705 or 1 per cent from the last closing price on Monday. He recommended buying at Rs 64,400. He puts the stop loss at Rs 64,000 while the target price at Rs 65,200.
Over the 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 47,700 per 10 gram while that of 1 Kg silver is Rs 66,000.
Gold, Silver Price - International Markets - The prices in the international markets were around USD 1812 on Tuesday. It is expected to test levels of USD 1850. Meanwhile, Silver was trading at USD 24.30, Gupta said. It is likely to test USD 25.80.
Gold Price in Dubai - As for prices in Dubai, 24k Gold was trading at AED 221 (4,388.43 Indian Rupee) per gram while 22k was trading at AED 206.50 (4,123.49 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).
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.
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