Gold Price Today July 8: Gold, Silver futures up by Rs 232 and Rs 169; as bullion to trade in range intraday, know expert strategy for gains

Gold and Silver futures were trading with strength on the MCX on Thursday with August Gold Futures rising by Rs 232 per 10 gram while September Silver Futures gaining Rs 169 from the last closing price on Wednesday. This was around 2:30 pm. Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that he expects bullion to trade in a range for the entire day today. His strategy remains a Buy.  

MCX Gold Trading Strategy   

MCX August Gold Futures were trading at Rs 48,142 per 10 gm on Thursday around this time, getting expensive by Rs 232 or 0.48 per cent from the last closing price on Wednesday. His strategy for Thursday is to Buy at Rs 48,000. He puts the stop loss at Rs 47,800. He puts the target price at Rs 48,400.  

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MCX Silver Trading Strategy   

Meanwhile, MCX September Silver Futures were trading at Rs 69,534 per kg on Thursday around this time, up by Rs 169 or 0.24 per cent from the last closing price on Wednesday. He recommended Buying at Rs 69,000. He puts the stop loss at Rs 68,500 while the target price at Rs 70,500.   

Meanwhile, the upward correction 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 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 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. On Tuesday Gold was trading at its highest in 3 weeks at USD 1803. Today it was trading around USD 1800. Silver Futures were trading around USD 26.90 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.        

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).