Gold Price Today June 30: More TROUBLE for yellow metal; rates may fall up to USD 1740; long term investment opportunity, traders must do this

More bad news for traders of bullion as there could be a further correction in the prices of gold and silver. Gold futures on Wednesday were trading around USD 1755 while Silver futures were trading around USD 25.70. There was a sharp decline in the prices of gold on Tuesday. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL expects the negative trends to continue that could lead to further correction in bullion prices over the next 7-10 trading sessions.   

Gupta said that Gold Futures may test levels around USD 1740 while Silver Futures could test levels around USD 25.98 within a fortnight if the negative sentiments continue.  

See Zee Business Live TV Streaming Below:

Strength in US Dollar and weakness in demand for physical gold and silver have put the prices in check, Gupta said adding that the trends would continue in the near term. He recommended a sell strategy in Gold and Silver futures.  

On Wednesday, Gold futures were trading with a negative bias while Silver futures were trading with a positive bias on MCX around 2:30 pm. While the former was down by Rs 15 per 10 gram, the latter became expensive by Rs 291 from the closing price of Tuesday.      

MCX Gold Trading Strategy       

MCX August Gold Futures were trading at Rs 46,540 per 10 gm around this time, getting cheaper by Rs 15 from the last closing price on Tuesday. His strategy for today is to Sell at Rs 46,600. He puts the stop loss at Rs 46,850. He puts the target price at Rs 46,100.      

MCX Silver Trading Strategy   

Meanwhile, MCX September Silver Futures were trading at Rs 68,373 per kg on Wednesday around this time, up by Rs 99 or 0.15 per cent from the last closing price. He recommended selling at Rs 68,500. He puts the stop loss at Rs 69,100 while the target price at Rs 67,000.  

Gupta, however, said that the existing weakness is a good investment opportunity for long term investors. Gupta had said that the MCX Gold Futures have 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.     

In Delhi physical markets, the price of physical gold has come down by Rs 500 to Rs 47000, per 10 gram while that of silver is Rs 69,000, Gupta said.  

In Noida jewellery markets, the prices are more or less similar, the VP said.       

As for prices in Dubai, 24k Gold was trading at AED 213 (4,331.69 Indian Rupee) per gram while 22k was trading at AED 200.25 (4,058.11 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).