Gold and Silver futures are expected to remain under pressure today and for the remaining week as well and the strategy for traders is to Sell bullion, Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities. The Markets will remain closed on Wednesday on account of Bakrid. 

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The domestic prices will take cues from the international prices of Gold and Silver, Gupta said. The price of Gold Futures on CME was around USD 1805 and is expected to test levels of USD 1798, Gupta said. Meanwhile, Silver futures are expected to test USD 25 levels, he added. They were trading around USD 25.50.  

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On MCX, the August Gold Futures were trading with some positive bias around 11:13 am. Likewise, September Silver Futures were also trading positively.  

MCX August Gold Futures were trading at Rs 48,199 per 10 gm on Tuesday around this time, getting expensive by Rs 105 or 0.22 per cent from the last closing price on Monday. His strategy for Tuesday is to Sell at Rs 48,100. He puts the stop loss at Rs 48,250. He puts the target price at Rs 47,700.     

Meanwhile, MCX September Silver Futures were trading at Rs 67,286 per kg on Tuesday around this time, up by Rs 40 or 0.06 per cent from the last closing price on Monday. He recommended Selling at Rs 68,000. He puts the stop loss at Rs 68,500 while the target price at Rs 67,200.   

In the international markets Gold prices firmed up on Tuesday aided by lower US bond yields and concerns over the surge in Delta variant infections. However, the strength in USD acted negatively checking the uptick.  

Gupta said that the price in physical markets have not changed materially. The price of Gold is around Rs 48,000 per 10 gram while that of Silver is around Rs 70,000.     

As for prices in Dubai, 24k Gold was trading at AED 220 (4,485.59 Indian Rupee) per gram while 22k was trading at AED 206.75 (4,215.49 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).