Gold prices gained in the early trade on Tuesday on a weaker dollar index (DXY) while traders maintained their cautious approach ahead of the Federal Open Market Committee (FOMC) meeting which begins today.
MCX August Gold futures were trading at Rs 59,756 per 10 grams, up Rs 161 or 0.19% while July Silver futures were higher by Rs 296 per kg or 0.41% at Rs 73,330.
On the Comex, Gold futures were trading at $1,971.50 per troy ounce, up $1.80 or 0.09% while silver futures were at $24.16, down $0.11 or 0.44%.
The DXY was hovering around 103.50 against a basket of six top currencies and was down 0.12%.
Gold futures on the MCX have declined by 1.04% or Rs 625 per 10 gram in June, Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities told ET Markets. They are up by 8.46% or Rs 4,650 on a year-to-date basis, he said. Meanwhile, silver futures have gained nearly Rs 845 or 1.17% in value terms in June while gaining 5.18% or Rs 3,595 on a YTD basis, Gupta added.
The price of physical gold in Delhi and Ahmedabad is around Rs 61,300 per 10 grams while that of silver is Rs 75,000 per kg, the IIFL analyst said. Click to know more
Intraday Trading Strategy by Anuj Gupta
– Buy MCX August Gold futures at Rs 59,400 with a stop loss of Rs 59,200 and price target of Rs 69,900
– Buy MCX July Silver futures at Rs 72,400 with a stop loss of Rs 71,800 and price target of Rs 73,400.
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