Gold Price Today: PRICE MOVEMENT details here; see TOP triggers – Get strategy for MCX traders

Brighter days for Gold and Silver ahead of a crucial Jackson Hole Meeting where US Fed Chairman Jerome Powell will be closely watched.  Some of the world's most powerful central bankers will meet virtually this week for an annual gathering.  

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, said that among other things there could be some clarity on US bond-buying programme. There are chances that the US policy makers might reduce the purchase, which may weaken the US Dollar. A weak Dollar will strengthen the cause of bullion, he added. 

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On the domestic front, the price of Gold and Silver have maintained a status quo in the physical markets in Delhi-NCR, Gupta said. 

He further said that Geo-political tension, US Dollar movement, inflation situation will impact movement of prices in bullion. In physical markets in Delhi, 24 carat gold is currently available around Rs 47,500 per 10 gram. Meanwhile, the price of silver is hovering around Rs 64,000 per kg. The prices of Gold and Silver in Noida markets are likely to be almost similar, Gupta said. 

Gold, Silver Price - International Markets - The prices in the international markets were around USD 1790 on Thursday Meanwhile, Silver was trading at USD 23.40.  

Gold Price Movement – June, July, August     

Over the first three weeks, Gold Prices have corrected by 1.57 per cent, Gupta said. This was on the back of 1.90 per cent increase during the July month. In June the prices of Gold fell by almost 5.15 per cent. The information was shared by the said expert.   

Silver Price Movement - June, July, August     

Meanwhile, Silver futures have gone down by 8.72 per cent during this period. As per Gupta, Silver futures’ prices fell by 1.78 per in July. The prices fell by 5.51 per cent in June and around 7 per cent in August, he added.

Every correction is a buying opportunity for investors, he said.  As for traders, this is what he suggests.   

Gold Price Strategy – 26 August     

The October Gold Futures were trading at Rs 47,165 per 10 gram on Thursday. The price were down by Rs 14 almost flat from the last closing price on Wednesday. His strategy for today is to Buy Gold Futures at Rs 47,000. He puts the stop loss at Rs 46,800. He puts the target price at Rs 47,400.   

Silver Price Strategy – 26 August     

Meanwhile, MCX September Silver Futures were trading at Rs 63,160 per kg on Thursday, up by Rs 112 or 0.18 per cent from the last closing price on Thursday. He recommended buying at Rs 62,800. He puts the stop loss at Rs 62,300 while the target price at Rs 63,800. 

Gold Price in Dubai - As for prices in Dubai, 24k Gold was trading at AED 216.25 (4,371.37 Indian Rupee) per gram while 22k was trading at AED 203.25 (4,108.59 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).