Gold Price Today: Latest rate alert for 7 June 2021 - SELL at these levels for MAXIMUM gains | Expert opinion is here
At 12:13 pm on Monday, MCX August Gold Futures were trading at Rs 48,849 per 10 gm, getting cheaper by almost Rs 145 or 0.3 per cent from the last closing price on Friday. Gupta recommended a Sell on August Gold Futures at Rs 49,000. He puts the stop loss at Rs 49,300 while the target price at Rs 48,500
Gold Price Today: Gold and Silver were trading negatively on Monday after a lacklustre show in the week gone by. MCX Gold and Silver traded in a range-bound manner during the previous week, correcting by almost 1 per cent. The ongoing weakness is a result of a stronger US Dollar coupled with the recent job numbers in the country. These two reasons have been the immediate triggers for lack of shine in bullion, considered as a haven.
On the domestic front, MCX Gold and Silver Futures have been growing from strength-to-strength over the last 3 months with the yellow metal gaining by as much as 10 per cent. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities calls the ongoing weakness as temporary, amid a stronger USD and Friday Job numbers. He said that the outlook remains positive for Gold and Silver in the near to medium term.
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His recommendation for Monday is a SELL on Gold and Silver futures.
MCX Gold, Silver Trading strategy
At 12:13 pm on Monday, MCX August Gold Futures were trading at Rs 48,849 per 10 gm, getting cheaper by almost Rs 145 or 0.3 per cent from the last closing price on Friday. Gupta recommended a Sell on August Gold Futures at Rs 49,000. He puts the stop loss at Rs 49,300 while the target price at Rs 48,500.
Meanwhile, MCX July Silver Futures were trading at Rs 70,978 per kg, down by Rs 561 or 0.8 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 72,500 while the target price at Rs 71,500.
In the international market, spot Gold was trading around 1890 while Spot silver was trading around 27.60. 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.
In the physical markets in Delhi, Gold was trading at Rs 51,000 while Silver was trading around Rs 73,500. The prices have remained stagnant in recent times because of very less activity.
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