Gold Price Today 1 September 2022: Sell MCX Gold, Silver futures for these targets, says this analyst

Gold Price Today 1 September 2022: Gold and Silver futures were trading with weakness on Thursday.  The MCX October Gold Futures were trading at Rs 50003 per 10 gram and were down by Rs 411 or 0.82 from the last closing price. Meanwhile, the December Silver futures were trading at Rs 52338 per kg and were down nearly 1.5 per cent or Rs 813.

Expert Anuj Gupta recommends a selling strategy on Gold and Silver futures for today in the remaining trading session. He sees weakness in bullion to continue over the near term.

The current weakness is on account of US Federal Reserve Jerome Powell’s commentary on inflation and Central Bank’s intention to raise interest rates further.

Gupta is Vice President (VP), Commodity and Currency Research at IIFL Securities.

He said that the bond yields are up, Dollar Index (DXY) higher and the Fed Chair’s commentary in the recently concluded Jackson Hole meeting.

MCX Gold futures trading strategy: Gupta suggests a Sell on October Gold futures at Rs 50200 with a stop loss of Rs 50450 and target price of Rs 49800.

MCX Silver futures trading strategy: Selling strategy is recommended Rs 53000 with a stop loss of Rs 53600 and target price of Rs 51500.

Gold price in the national capital declined by Rs 195 to Rs 50,723 per 10 grams on Thursday amid a fall in international precious metal prices, according to HDFC Securities.

In the previous trade, the yellow metal had settled at Rs 50,918 per 10 grams.

Silver also tumbled by Rs 863 to Rs 52,819 per kg from Rs 53,682 in the previous session.In the international market, gold was quoting lower at USD 1,703 per ounce while silver was flat at USD 17.73 per ounce.

"Gold prices extended decline on stronger dollar and speculation over US non-farm payroll data," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

Inputs from PTI

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)