Gold Price Today: Expert gives intraday trading strategy; recommends sell in MCX Gold, Silver futures

Gold Price Today: Carrying on from previous week’s weakness, MCX gold fell on Monday as well. The August gold futures ended at Rs 50341 per 10 gram yesterday and were down 0.09 per cent or Rs 43 from the Friday closing price. The outlook for MCX Gold futures is sideways to negative. Commodities expert Anuj Gupta has recommended a Sell strategy on bullion for this week.

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities advised selling MCX August Gold futures at Rs 50550 with a stop loss of Rs 50750 and price target of Rs 50100.

Maenwhile, MCX Silver September futures were also down nearly 0.7 per cent or by Rs 369 per kg and were trading at Rs 55722 at the closing time on Monday. Selling is advised in Silver futures at Rs 56500 with a stop loss of Rs 57250 and price target of Rs 55500, Gupta said.

MCX gold and silver prices corrected sharply over the previous week with MCX August Gold futures declining by 1.32 per cent on a weekly basis to close at Rs 50103 on Friday.

In international market, the yellow metal futures corrected by 2.02 per cent and closed at USD 1706 levels while touching a low of USD 1697, commodity expert Anuj Gupta said.  

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As for Silver, September futures also ended the last week with a negative bias with Friday closing at Rs 55608 per kg. International silver price also corrected by 3.12 per cent and closed at USD 18.69 levels, Gupta said.

On MCX, Silver futures corrected sharply by 2.70 per cent to settle at 55587 levels, he further 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.)