Bullion traded in the green in Tuesday’s early trade aided by a weaker dollar. The dollar index was down nearly 0.10%. witnessing its second successive decline, thereby raising the appeal for the yellow metal.
The August Gold futures were trading at Rs 58,521 per 10 grams at 10:10 am, up Rs 105 or 0.19% from Friday’s closing price while July Silver futures rose Rs 277 per kg or 0.40% to Rs 69,462 per kg. Track prices here
On the Comex, gold futures were trading at $1,933.85 per troy ounce, up by $4.75 or 0.25% while Silver futures were trading at $22.740, higher by $0.388 or 1.74%.
“The dollar index slipped ahead of the U.S. inflation data, which could decide any further trend in precious metals. We expect gold and silver to remain volatile in today’s session. Gold has support at $1918-1907 while resistance is at $1938-1951. Silver has support at $22.72-22.55, while resistance is at $23.10-23.26. In rupee terms gold has support at Rs 58,240-58,080, while resistance is at Rs 58,610, 58,850. Silver has support at Rs 68,550-68,120, while resistance is at Rs 69,840–70,520,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold futures on the MCX have declined by 3.06% or Rs 1,844 per 10 grams in June, Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities told ET Markets. They are up by 6.24% or Rs 3,531 on a year-to-date basis, he said. Meanwhile, silver futures have declined nearly by Rs 2,930 or 4.06% in value terms in June while they are down by 0.26% or Rs 180 on a YTD basis, Gupta added.
The physical price of gold in India stood at Rs 59,500 per 10 gram while that of silver at Rs 70,000 per kg. Click to know more
Intraday Trading Strategy by Anuj Gupta
– Buy MCX August Gold futures at Rs 58,200 with a stop loss of Rs 58,000 and price target of Rs 58,750
– Buy MCX July Silver futures at Rs 68,500 with a stop loss of Rs 68,000 and price target of Rs 70,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)