Gold Price Today: Outlook remains strong for bullion, buying recommended, says this expert; suggests strategy for intraday traders

Gold Price Today: MCX June Gold futures were trading positively on Monday at around 1 pm at Rs 52,158 per 10 gm and were up by Rs 87 or almost 0.2 per cent from the Friday closing price. Meanwhile, the May Silver futures were trading at Rs 67,167, higher by Rs 175 or almost 0.3 per cent around the same time.

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities remains bullish on Gold and Silver futures and recommends a buy for intraday traders.

See Zee Business Live TV Streaming Below:

Buying in June Gold futures is recommended at Rs 52,000 with a stop loss of Rs 51,700 and target price of Rs 52,500. As for May Silver futures, buying is recommended at Rs 66,800 with a stop loss of Rs 66,000 and price target of Rs 68,000.     

Brokerage firm Motilal Oswal in its report said that it expects Gold to trade in an upper range for the first session. It sees support between Rs 51,950 and Rs 51,700 while the resistance between Rs 52,400 and Rs 52,600. As for spot international spot price resistance is seen between USD 1924 and USD 1911 and resistance at USD 1962-1975.

Meanwhile, support for MCX Silver futures is seen between Rs 66,550 and 66,200 where as resistance is seen between Rs 67,300 and Rs 67,550.

No trading recommendations were given by it.

As for international spot prices of Silver, resistance is seen at USD 24.62-24.45 while support is seen at USD 25-25.30.

Gupta said that the outlook in the near to medium term for gold and silver remains strong aided by the uncertainties around the Russia-Ukraine conflict. He also does not see a material impact of US interest rate hikes, going forward. The sentiment around it is mostly discounted, the IIFL Securities analyst said.

The yellow metal may test levels around USD 2000 within the next three months, he opined.

Long term investors, planning to make a bet must buy gold at current levels, he added.

The demand for physical gold is expected to remain strong because of the marriage season ahead of us, Gupta said. The demand of physical gold is also expected to remain strong on account of Akshaya Tritiya.

In FY22 Gold imports surged to USD 46.14 bn which was over 33 per cent higher from gold imports in FY21.