Gold Price Today: Know latest 24 carat price, Gold Futures, Silver futures rates; OUTLOOK Negative – Expert recommends intraday SELL at these levels

Amid a stronger US Dollar and robust US Economic data, Gold has seen a sharp correction as the yellow metal was hovering around its 4-month low levels. On the contrary, USD was hovering at a 4-month high levels, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, said. He expects weakness to continue in the near term, though the medium to long term trend to remain positive. His strategy is of ‘Sell’ in Gold and Silver futures on the MCX. This is what he recommended. 

On Tuesday, the October Gold Futures were trading positively on the MCX. The prices were up by Rs 189 or 0.41 per cent from the Monday closing price. The Gold Futures were trading at Rs 46,075 per 10 gram. He recommended a Sell at Rs 46,300. The stop loss is at Rs 46,550 while the target price is at Rs 45,900. 

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  Meanwhile, MCX September Silver Futures were trading at Rs 63,126 per kg on Tuesday around this time, up by Rs 489 or 0.78 per cent from the last closing price on Monday. He recommended Selling at Rs 63,700. He puts the stop loss at Rs 64,200 while the target price at Rs 62,500.    

In the international market Gold may test levels between USD 1680 and USD 1700 in a short term, Gupta said.

 The price of 24 carat Gold in Delhi’s physical markets is around Rs 47,000 per 10 gram while that of Silver is around Rs 66,000 per kg, Gupta said. Gold prices in Noida are similar to those in Delhi, Gupta said.    

As for prices in Dubai, 24k Gold was trading at AED 210.50 (4,262.01 Indian Rupee) per gram while 22k was trading at AED 188.50 (3,816.57 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).