Gold Price Today: Sell MCX Gold Silver futures on rise for these targets, says expert

MCX Gold and Silver futures were trading positively on Monday in the second session. The December Gold futures were trading at Rs 50665 per gram and were up by Rs 405 or 0.81 per cent from the Friday closing price. Meanwhile, the December Silver futures were trading at Rs 56581 per kg around this time and were up by Rs 1355 or 2.45 per cent.

Commodity and currency expert Anuj Gupta recommends Sell in gold and silver futures today in the intraday trade. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities suggested a Sell at December Gold futures at Rs 50900 with a stop loss of Rs 51100 and price target of Rs 50300.

As for December Silver futures, selling is suggested at Rs 57000 with a stop loss of Rs 57650 and price target of Rs 56000.     

Deveya Gaglani, Research Analyst, Axis Securities

"Gold bulls were spooked by better-than-expected inflation data last week, that raised the bet of an aggressive rate hike by Fed. A strong dollar index is spoiling the party for Gold bulls whenever it tries to rebound. Multiyear high bond yields have smacked Gold prices this year benefiting the dollar, as the opportunity cost of holding the non-yielding asset has dented its appeal. The dollar index has overthrown Gold and has grasped the title of Safe haven asset, questioning its historic trend. We expect Gold prices to recover in the long run provided Fed reduces its hawkish tone. Till then, sell on the rise will see a lot of interest.".

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)