Investors planning to buy physical gold and silver should wait for some time as lower prices will start reflecting in a while. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities says that the prices have been falling for Gold and Silver over the last 2-3 days and for benefits to trickle down, some wait is advisable. He said that in physical markets, the price movements are slower than one sees on exchanges.
 
One must check with the preferred local jeweller to know the current prices, he advised.

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 In the physical markets in Delhi, Gold was trading at Rs 50,500 while Silver was trading around Rs 72,500, Gupta said. While there has already been a correction of Rs 500 in Gold and around Rs 1000 in Silver in physical markets, some more downward correction can be expected if Gold and Silver settle down today.  
   
He said that the Gold and Silver prices in Noida are also similar to those in Delhi.
 
As for prices in Dubai, 24k Gold was trading at AED 228.25 (4,536.18 Indian Rupee) per gram while 22k was trading at AED 214.50 (4,262.92 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).  
 
Gold’s movement in a range continued on Thursday ahead of the US inflation data and meeting of the European Central Bank (ECB) as investors have turned cautious. While the international prices fell on Thursday, prices in India followed suit, though the fall was limited around 12 pm. Gold futures fell by Rs 124 while the Silver futures were down by Rs 373 around this time.
 
Expect some more profit booking in Gold and Silver futures today, Gupta said. His strategy for traders is of selling Gold and Silver futures.  
 
While expectations of a higher US inflation number and lower bond yields are lending support to the yellow metal, a strengthening US Dollar is keeping the prices in check. US benchmark 10-year Treasury yields on Wednesday were hovering near more than a month`s low, while the dollar index held firm, Reuters had reported.  
   
MCX Gold and Silver traded in a range-bound manner during the previous week, correcting by almost 1 per cent.  
 
MCX Gold, Silver Trading strategy  
   
At 12:00 pm on Wednesday, MCX August Gold Futures were trading at Rs 49,000 per 10 gm, getting cheaper by Rs 124 or almost 0.3 per cent from the last closing price on Wednesday. Gupta recommended a Sell on August Gold Futures at Rs 49,200. He puts the stop loss at Rs 49,400 while the target price at Rs 48,700.  
   
Meanwhile, MCX July Silver Futures were trading at Rs 71,511 per kg, down by Rs 373 or 0.5 per cent from the last closing price around this time. He recommended a Sell in Silver futures at Rs 72,000. He puts the stop loss at Rs 72,400 while the target price at Rs 70,700.  
   
Outlook Positive in near to medium term  
   
The last three months have been great towards the cause of Gold and Silver prices. MCX Gold and Silver Futures have been growing from strength-to-strength over the last 3 months with the yellow metal has gained by as much as 10 per cent. The senior technical analyst says that the outlook remains positive in the near to medium term.  
 
In the international market, spot Gold was trading around 1887 while Spot silver was trading around USD 27.60, Gupta said. He expects it to test levels around USD 1940 in the positional medium term period. As for Silver, he expected it to reach levels around USD 30 withing the same time.