Gold Price Today 2 September: Buying opportunity in MCX Gold, Silver futures as markets oversold now, says this expert

Gold Price Today 2 September:  October Gold futures were trading with strength on Friday and were up by Rs 256 or 0.5 per cent from the Thursday closing price. It was trading at Rs 50326 per 10 gram on the MCX at 4:36 pm. Meanwhile the December Silver futures were trading at Rs 52886 per kg around this time and were up by Rs 284 or 0.54 per cent.

Commodity expert Anuj Gupta recommends a buy on gold and silver futures for intraday traders. He said that the bullion market is in an oversold situation and hence some buying is being witnessed in the intraday trade. He expects the positivity to continue for the rest of the session as well.

Gold Futures Price: Trading Strategy:

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities suggested a Buy on MCX October Gold Futures at Rs 50100 with a stop loss of Rs 49900 and target of Rs 50500.

As for December Silver futures, buying is recommended at Rs 52500 with a stop loss of Rs 51900 and target of Rs 53500.

"The trajectory that gold prices have taken in the last week, is not surprising . The Fed voices, right from the Fed Chairman to individual State Fed presidents, all have been unanimously Hawkish. Adding to that, an upbeat US macro data and  growing concerns of Chinese economy, don’t make much of an argument for a bullish bullion trend in the near future. The market will definitely track the NFP data today, but either way, it may not translate well for gold. A better than expected number will logically lead to a correction in gold prices, especially when the probability of a rate hike will increase, as Fed has made it clear that their rate decisions will be data driven, going forward. A worse off number could lead to correction in broader markets and rise in safe heaven USD, which could result in lower gold prices.  Either way, the recovery rally in gold is still some time off. So sell on rise is the recommended strategy," Pritam Patnaik,Head-Commodities, HNI & NRI Acquisitions at Axis Securities said.

(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.)