Gold Price Today June 21: Finally, after a 2-month low, yellow metal gains as futures prices up by Rs 149; Will party continue? Expert gives outlook, intraday strategy - What buyers must know

After falling to a two-month low during the previous week, Gold gained some strength on Monday. The international prices have dropped by over 6 per cent during the week ended 18 June. In domestic markets, Gold and silver futures were also trading with positivity taking cues from their global peers. MCX Gold Futures were up Rs 149 per 10 gram while MCX Silver Futures were up by Rs 170.  

The strength in prices of Gold and Silver were on the back of US treasury yields taking a slide. However, the near-term outlook for bullion remains week, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL said. The weakness in Gold and Silver prices have been due to the recent US Federal Reserve’s commentary on the interest rates where the Central Bank indicated that it may increase rates twice by 2023.  

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The trend in bullion is expected to remain mixed over this week, Gupta said. 

The yellow metal fell over 1 per cent on Wednesday (16 June) after US Federal Reserve indicated of twin interest rate hikes by 2023. This news did not go down well with the bullion market as prices fell steeply. 

As for domestic prices, the fall has started reflecting not only on exchanges but in the physical markets too, Gupta said. In Delhi, the price of physical gold has come down to Rs 47,500 per 10 gram while that of silver is Rs 67,000, Gupta said. 

In Noida jewellery markets, the prices are more or less similar, the VP said.  

He expects more correction in the international prices, going forward, but that could have limited impact because of strengthening US Dollar leading higher exchange rates. Gold futures on Monday were trading around USD 1770 while Silver futures were trading around USD 25.60. He expects Gold Futures to test levels around USD 1740 while Silver Futures to test levels around USD 24.50 within a fortnight.         

MCX Gold Trading Strategy  

On Monday, MCX August Gold Futures were trading at Rs 46,877 per 10 gm, getting expensive by Rs 149 or almost 0.32 per cent from the last closing price on Friday. His strategy for today is to Sell at Rs 46,900. He puts the stop loss at Rs 47,100. He puts the target price at Rs 46,500. 

MCX Silver Trading Strategy  

Meanwhile, MCX July Silver Futures were trading at Rs 67,768 per kg on Monday, up by Rs 170 or 0.25 per cent from the last closing price on Friday. He recommended selling at Rs 67,000. He puts the stop loss at Rs 67,500 while the target price at Rs 66,000. 

As for prices in Dubai, 24k Gold was trading at AED 214.75 (4,339.92 Indian Rupee) per gram while 22k was trading at AED 201.75 (4,076.61 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).