Gold Price Today: Gold futures down by Rs 215, Silver Futures by 584; BUYING opportunity, says expert; See the right levels here

Gold and Silver futures were trading in the red at around 5:15 pm on Monday on the MCX. While August Gold Futures were cheaper by Rs 215 while the September Silver Futures were down bt Rs 584 around this time. Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities remains bullish on bullion and recommended buying in yellow metals. He said the correction should be seen as a good buying opportunity and he recommends buying in Silver and Gold.  

The price correction in bullion is due to the strength in the US Dollar. In US the good performance of the equity markets have taken some shine from the yellow metal.  

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MCX August Gold Futures were trading at Rs 47,708 per 10 gm on Monday around this time, getting cheaper by Rs 215 or 0.45 per cent from the last closing price on Friday. His strategy for Monday is to Buy at Rs 47,500. He puts the stop loss at Rs 47,250. He puts the target price at Rs 47,950.   

Meanwhile, MCX September Silver Futures were trading at Rs 68,713 per kg on Monday at the closing time, down by Rs 584 or 0.84 per cent from the last closing price on Friday. He recommended Buying at Rs 68,000. He puts the stop loss at Rs 67,500 while the target price at Rs 69,000. 

Meanwhile, the upward revision in Gold and Silver price is also reflecting in the physical markets as well. In Delhi, the price of 10 grams of gold costs Rs 48,200, which is up by Rs 400 from the last reporting price on Thursday. Silver prices have remains more-or-less same and were available at 70,000 per kg. The current price status has been suggested by Gupta.  

The prices of gold and silver in Noida physical markets is more or less same to prices in Delhi.     

However, there was some slippage in the international markets on the strength of the US Dollar. Spot gold fell 0.2 per cent to USD 1,803.56 per ounce by 0341 GMT, Reuters reported. US gold futures were 0.4 per cent lower at USD 1,803.9, it said. 

As for prices in Dubai, 24k Gold was trading at AED 218.50 (4,440.09 Indian Rupee) per gram while 22k was trading at AED 205.25 (4,170.22 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).