Gold Price in Delhi Today, 3rd August 2021: Know latest 24 carat rates; Gold Futures up 2% - OUTLOOK POSITIVE – check intraday buy levels

Gold Price Today in Delhi: Gold prices have gone up almost 2 per cent in the July Month while Silver prices are down 1.8 per cent, Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said. He says that the prices of Gold and Silver are expected to go up as we head towards the festive season. His advice to investors is to buy gold and silver now.    

The price of 24 carat Gold in Delhi’s physical markets is around Rs 48,500 per 10 gram while that of Silver is around Rs 68,500 per kg, Gupta said. Gold prices in Noida are similar to those in Delhi, Gupta said.   

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Meanwhile, Gold and Silver Futures were trading with some weakness on the MCX. The October Gold Futures were trading cheaper by Rs 191 at 11:30 am while the September Silver Futures were trading down by Rs 499. Gupta said that the trend is likely to remain positive though occasional daily global triggers may have temporary impact. He recommended buying in bullion. 

On MCX, the October Gold Futures were trading at Rs 47,895 per 10 gram which was cheaper by Rs 191 or 0.40 per cent. His strategy is to buy at Rs 47,800. He puts the stop loss at Rs 47,600 and the target price at Rs 48,400.    

Meanwhile, MCX September Silver Futures were trading at Rs 67,544 per kg on Tuesday around this time, down by Rs 499 or 0.66 per cent from the last closing price on Monday. He recommended Buying at Rs 67,200. He puts the stop loss at Rs 66,700 while the target price at Rs 68,200.       

The movement of US Dollar would be a key trigger for the movement of bullion along with the non-farm pay-roll data that is expected later this week. There has been some weakness in USD amid the commentary by US Fed Chair Jerome Powell on interest rates and maintaining the dovish stance. The domestic prices will take cues from the international market.  

Gupta said that international Gold prices have received their targets of USD 1820. They are now set to test levels of USD 1830. The current prices are at USD 1810, he said. There is a resistance around this level and once it is breached, the upside will open till USD 1860.   

As for Silver, this precious metal was trading around USD 25.30. The immediate target price id USD 26 and this is also a resistance level. Once this level is breached, there will be an upside open till USD 28, the technical analyst further said.   

As for prices in Dubai, 24k Gold was trading at AED 219.50 (4,439.90 Indian Rupee) per gram while 22k was trading at AED 206.25 (4,171.89 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).