Gold Price Today 24 Carat: Will price touch Rs 50,000 by DIWALI? Outlook amid Ganesh Chaturthi – Expert tells where bullion is headed!

Gold prices could hit Rs 50,000 till Diwali, Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities 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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His advice is to invest in Gold and Silver now to maximise gains.

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. 

Gupta said that the yellow metal has gained on a back of a weaker US Dollar.

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 1827 on Monday. It is expected to test levels of USD 1850. Meanwhile, Silver was trading at USD 25.80. It is likely to test USD 25.80.

Gold Price Strategy – 6 September      

The October Gold Futures were trading at Rs 47,412 per 10 gram on Monday at around 4:50 pm. The price were down by Rs 112 or 0.24 per cent from the last closing price on Monday. His strategy for today is to Buy Gold Futures at Rs 47,300. He puts the stop loss at Rs 47,100. He puts the target price at Rs 47,800.    

Silver Price Strategy – 6 September      

Meanwhile, MCX December Silver Futures were trading at Rs 65,250 per kg on Monday, down by Rs 41 from the last closing price on Friday. He recommended buying at Rs 65,200. He puts the stop loss at Rs 64,700 while the target price at Rs 66,500.  

Gold Price in Dubai - As for prices in Dubai, 24k Gold was trading at AED 221 (4,396.51 Indian Rupee) per gram while 22k was trading at AED 207.50 (4,127.95 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).