Gold Price Today July 7: Gold, Silver become expensive in physical markets, MCX; expert gives outlook, intraday trading strategy

Gold Price Today July 7: Gold and Silver prices in Delhi’s markets may have become expensive as the bullion prices gain in the international markets. In Delhi, the price of 10 grams of gold costs Rs 47,800, which is up by Rs 200 from the last reporting price on Tuesday. Silver prices have also gone up by Rs 500 and it was available at Rs 70,500 per kg. The current price status has been suggested by Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities. 

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

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The price of Gold Futures has gone up by over 2 per cent in the last 10 days, Gupta said. Meanwhile, Silver futures prices are up by 1.5 per cent. MCX Gold Futures become cheaper by over 4.6 per cent in June while MCX Silver Futures prices have come down by over 6 per cent during this period. In terms of value, Gold Futures prices have dipped by over Rs 2300 per 10 gram while Silver Futures prices by Rs 4000 per kg.       

As for prices in Dubai, 24k Gold was trading at AED 217.75 (4,424.65 Indian Rupee) per gram while 22k was trading at AED 204.50 (4,154.05 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 said that the immediate trends in Gold and Silver have become positive with weakness in US Dollar. On Tuesday Gold was trading at its highest in 3 weeks at USD 1803. Today it was trading around USD 1801. Silver Futures were trading around USD 26.35 today. The immediate to near term outlook remains positive, he said adding that Gold could test levels around USD 1820 while silver could hit USD 27 per ounce.      

MCX Gold Trading Strategy  

MCX August Gold Futures were trading at Rs 47,885 per 10 gm on Wednesday around this time, getting expensive by Rs 201 or 0.42 per cent from the last closing price on Tuesday. His strategy for Wednesday is to Buy at Rs 47,700. He puts the stop loss at Rs 47,400. He puts the target price at Rs 48,200.  

MCX Silver Trading Strategy  

Meanwhile, MCX September Silver Futures were trading at Rs 69,952 per kg on Wednesday around this time, up by Rs 440 or 0.63 per cent from the last closing price on Tuesday. He recommended Buying at Rs 69,600. He puts the stop loss at Rs 69,000 while the target price at Rs 71,000.