Bullion traded in the red on Friday on account of a strong dollar index (DXY), which was trading positive above the 102.50 mark against a basket of six top currencies.
Both gold and silver futures were in the red in the opening trade on the MCX. The August Gold futures were trading at Rs 58,114 per 10 grams, down Rs 82 or 0.14% while July Silver futures tanked Rs 758 per kg or 1.11% to trade Rs 67,550. Read More
Gold futures on the MCX have ended the last four sessions with declines. While gold futures ended at Rs 58,229 per 10 grams on Thursday, down Rs 485, silver futures fell by nearly Rs 877 to Rs 68,370 per kg.
On the Comex, gold futures were trading at $1,939.10 per troy ounce, down by $5.80 or 0.30% while silver futures were trading at $22.615, down by $0.195 or 0.85%.
Gold futures on the MCX have declined by 3.45% or Rs 3,075 per 10 grams in June, Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities told ET Markets. They are up by 4.62% or Rs 3,091 on a year-to-date basis, he said. Meanwhile, silver futures have declined nearly Rs 4,511 or 6.26% in value terms in June while they have lost 1.03% or Rs 713 on a YTD basis, Gupta added.
The physical price of gold in major cities stood at Rs 59,500 per 10 grams while that of silver was at Rs 70,000 per kg. Click to know more
Intraday Trading Strategy by Anuj Gupta
– Sell MCX August Gold futures at Rs 58,300 with a stop loss of Rs 58,650 and price target of Rs 57,800
– Sell MCX July Silver futures at Rs 68,000 with a stop loss of Rs 68,650 and price target of Rs 67,000.
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