Gold Price Today: INR strength to impact trade on intraday basis, expert says; Sell at this level to MAXIMISE profits

Rupee was trading stronger against the US Dollar on Tuesday and that could trigger some corrections in the price of Gold and Silver futures in the domestic markets on the intraday basis, Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said. His money-making tip is to Sell bullion futures today.

Gupta said that the Gold and Silver futures are expected to trade in a rangebound manner on the intraday basis on Tuesday.  

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MCX August Gold Futures were trading at Rs 48,000 per 10 gm on Tuesday around 3:30 pm, getting expensive by Rs 32 or 0.07 per cent from the last closing price on Monday. His strategy for Monday is to Sell at Rs 49,200. He puts the stop loss at Rs 48,150. He puts the target price at Rs 47,600. There will also be a buying opportunity at Rs 47,600.     

Meanwhile, MCX September Silver Futures were trading at Rs 69,268 per kg on Tuesday around this time, down by Rs 107 or 0.15 per cent from the last closing price on Monday. He recommended selling at Rs 69,500. He puts the stop loss at Rs 70,000 while the target price at Rs 68,800. 

Meanwhile, Gold has been trading in a tight range even in the international markets with Gold Futures hovering around USD 1811 while the Silver Futures were trading at USD 26.10. His near-term target price for Gold futures is around Rs USD 1820 while those of Silver futures at USD 27. 

The price of Gold and Silver price have remained steady in the physical markets over the last 2-3 days, Gupta said. In Delhi, the price of 10 grams of gold costs Rs 48,200, which is up by Rs 400 from the last reporting price on Thursday in the week gone by. Silver prices have remains more-or-less same and were available at 70,000 per kg. The current price status has been suggested by Gupta. 

The prices of gold and silver in Noida physical markets is more or less same to prices in Delhi.  

As for prices in Dubai, 24k Gold was trading at AED 219 (4,441.57 Indian Rupee) per gram while 22k was trading at AED 205.75 (4,172.84 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).