Gold Price Today: Price of Gold has corrected and is down by almost 1.5 per cent over the last 5 weeks while silver prices have corrected nearly 8 per cent during this period, according to commodity and currency expert Anuj Gupta.

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Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that in the beginning of April, Gold rate was hovering around Rs 52099 per 10 gram on the MCX while MCX Silver rate was around Rs 67759.

On Friday, June MCX Gold Futures ended at Rs 51344, gaining almost Rs 450 or 0.9 per cent from the Thursday closing price. Meanwhile, July MCX Silver futures closed at Rs 62520, up 0.3 per cent or by Rs 184 from the previous closing price.

The price movement in bullion has been range bound, Gupta said. While geo-political tension and inflation has aided yellow metal and increased its appeal among many investors, the strengthening Dollar Index has checked its upward movement.

In the last 5 weeks, the gold futures have attained a high of Rs 53663 while the lows of Rs 50481, Gupta said.

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The impact has been on physical prices as well which have also moved lower in tandem with the Gold and Silver futures.   adding that the geo bound Bullion The weakness in bullion has been  

According to commodity and currency expert Anuj Gupta, price of 24 carat gold in Delhi is currently around Rs 52244 per 10 gram. Meanwhile price of physical silver in Delhi is close to Rs 64000 per kg.

He recommends a buy in physical gold and silver for the purpose of investment. He said that the gold rate forecast remains strong and Gold could test levels around Rs 56000 per 10 gram over the next 5-6 months, surpassing its previous all time highs of 2020. Silver could test levels around Rs 75000 during this period, the VP said.

As for traders, his strategy is to sell June Gold futures at Rs 51700 with a stop loss of Rs 52200 and price target of Rs 50900. For July Silver futures, he recommends a Sell at Rs 63500 with a stop loss of Rs 65200 and price target of Rs 61000.

Trading on MCX will begin at 9 am.

Gold prices edged down on Monday as elevated U.S. Treasury yields and a firm dollar pressured demand for greenback-priced bullion, Reuters reported. Spot gold XAU= fell 0.1% to $1,880.56 per ounce, as of 0049 GMT, while U.S. gold futures GCv1 were down 0.2% to USD1,879.30, this report said.

Praveen Singh, AVP- Fundamental currencies and Commodities analyst

"The Dollar Index is stalling near 104-mark. The much awaited US non-farm payroll data came mixed as the US economy added 428K jobs as against the expectation of 391K jobs, while month-on-month average hourly earnings data showed a reading of 0.3% as against the forecast of 0.4%. Unemployment rate at 3.6% was a tad higher than the forecast of 3.50 per cent. The US 10-year yields are hovering at 3.05% - a slight decline from the day’s high of 3.10%. Gold is expected to trade in the range of USD 1867- USD 1905 in near-term.".

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)