Gold Price Today Delhi, Noida, Dubai: Yellow Metal prices go up in Delhi markets; expert tells MCX Gold, Silver futures trading strategy

Price of Gold and Silver have jumped in the physical markets in the Delhi-NCR region Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said. In physical markets in Delhi, 24 carat gold is currently available around Rs 47,800 per 10 gram, going up by almost Rs 300 from the last reporting price on Monday. Meanwhile, the price of silver is hovering around Rs 64,000 per kg. The price of Gold and Silver in Noida markets are likely to be almost similar, Gupta said.  

This is after a one-day symbolic nationwide strike by jewellers to protest against Hallmarking Unique Identification (HUID). 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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Gold, Silver Price - International Markets - The prices in the international markets were around USD 1804 on Monday. It has touched the target price of USD 1810 suggested by Gupta, earlier. Silver is currently trading around 23.70. 

Gold Price Strategy – 24 August    

The October Gold Futures were trading at Rs 47,704 per 10 gram on Tuesday around 6:45 pm. The price were up by Rs 120 or 0.25 per cent from the Monday closing price. His strategy for today is to Buy Gold Futures at Rs 47,500. He puts the stop loss at Rs 47,300. He puts the target price at Rs 47,800.  

Silver Price Strategy – 24 August    

Meanwhile, MCX September Silver Futures were trading at Rs 63,411 per kg on Tuesday, up by Rs 484 or 0.77 per cent from the last closing price on Monday. He recommended buying at Rs 62,800. He puts the stop loss at Rs 62,500 while the target price at Rs 63,800.        

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

Gold Price in Dubai - As for prices in Dubai, 24k Gold was trading at AED 218.25 (4,407.10 Indian Rupee) per gram while 22k was trading at AED 205 (4,139.54 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). 

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

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 said.  

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.