MCX Gold and Silver futures are trading with a negative bias on Monday and Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities, sees a buying opportunity today, though the near-term outlook remains weak, he said. Gold has gained because of a weaker US Dollar (USD).  

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On Friday, the price of Gold jumped almost 1 per cent on the back of a weaker USD. 

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Gold Price Strategy – 16 August  

On Monday at 11:50 am, the October Gold Futures were trading negatively on the MCX. The prices were down by Rs 6 or almost flat from the Friday closing price. The Gold Futures were trading at Rs 46,934 per 10 gram. He recommended a 'Buy' at Rs 46,500. The stop loss is at Rs 46,300, while the target price is at Rs 47,200.   

Silver Price Strategy – 16 August  

Meanwhile, MCX September Silver Futures were trading at Rs 62,870 per kg on Friday around this time, down by Rs 368 or 0.58 per cent from the last closing price on Friday. He recommended buying at Rs 62,800. He puts the stop loss at Rs 62,000 while the target price at Rs 64,000.      

Gold Price Movement – June, July, August  

Have taken some beating over the first 11-days in August seeing a correction of 4.18 per cent. This was in the back of 1.90 per cent increase during the July month. In June the prices of Gold fell by almost 5.15 per cent. The information was shared by said.  

Silver Price Movement - June, July, August  

Meanwhile, Silver futures moved just one-way over the last two months and in the first 11 days of August and that is downwards. As per Gupta, Silver futures’ prices fell by 1.78 per in July. The prices fell by 5.51 per cent in June and 7.81 per cent in August, he added.  

24 Carat Gold Price in Delhi Today - 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.      

Gold Price in Dubai - As for prices in Dubai, 24k Gold was trading at AED 215.25 (4,348.11 Indian Rupee) per gram while 22k was trading at AED 202.25 (4,085.51 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).