Jewellers have called on a symbolic nationwide strike to protest against Hallmarking Unique Identification (HUID). Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities, said that though the strike has been called upon for one day and is symbolic, the price may see some upside over the next 1-2 days. He said that the price of gold and silver is expected to only firm up as the festive season is ahead of us.  

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He further said that Geo-political tension, US Dollar movement, inflation situation will impact movement of prices in bullion.  

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Gold, Silver Price - International Markets - The prices in the international markets were around USD 1788 on Monday. It is expected to test 1810 in the near term, he added. Silver is expected to test USD 25 in the near term. It is currently trading around 23.20. 

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 63,000 per kg. The prices of Gold and Silver in Noida markets are likely to be almost similar, Gupta said.  

Gold Price Movement – June, July, August    

Over the last 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 – 23 August    

The October Gold Futures were trading at Rs 47,215 per 10 gram on Monday. The price were up by Rs 57 or 0.12 per cent. His strategy for today is to Buy Gold Futures at Rs 47,100. He puts the stop loss at Rs 46,900. He puts the target price at Rs 47,500.  

Silver Price Strategy – 19 August    

Meanwhile, MCX September Silver Futures were trading at Rs 62,047 per kg on Monday, up by Rs 326 or 0.53 per cent from the last closing price on Friday. He recommended buying at Rs 61,800. He puts the stop loss at Rs 61,300 while the target price at Rs 62,600.        

Gold Price in Dubai - As for prices in Dubai, 24k Gold was trading at AED 216.50 (4,379.75 Indian Rupee) per gram while 22k was trading at AED 203.50 (4,121.35 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).