Gold traded in the green in Monday’s opening trade aided by a weaker Dollar Index (DXY). The DXY was down nearly 0.2%, raising the appeal for the yellow metal. However, a mixed commentary on further interest rate hikes by the Federal Reserve has made the prices range bound.
The August Gold futures were trading at Rs 58,460 per 10 grams on Monday and were up Rs 153 or 0.26% while July Silver rose Rs 833 per kg or 1.22% and were trading at Rs 68,916 per kg. Gold futures on the MCX have ended the last four sessions with declines. Click to know more
On Friday, while the Gold futures ended with gains, Silver futures continued their losing streak. The August gold futures ended at Rs 58,300 on Friday, up Rs 104 over Thursday’s closing price, July Silver futures fell by nearly Rs 220 to Rs 68,085.
On the Comex, Gold futures were trading at $1,934.60 per troy ounce, down by $5 or 0.26% while Silver futures were trading at $22.725, down by $0.371 or 1.66%.
Gold futures on the MCX have declined by 3.28% or Rs 1,947 per 10 grams in June, Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities told ET Markets.
“They were up by 6.05% or Rs 3,328 on the year-to-date basis as of Friday, June 23 on the closing price basis. Meanwhile, Silver futures have declined nearly by Rs 4,035 or 5.59% in value terms in June while declining by 1.85% or Rs 1.285 on the YTD basis,” Gupta said.
The physical price of gold in India stood at Rs 59,500 per 10 grams while that of silver at Rs 70,000 per kg. Click to know more“Gold is expected to range trade between $1,900 and $1,950 with a downward bias in the near term as eventually theme of hawkish Central banks is likely to dominate the market unless we see major deterioration in key economies or an increased risk premium on the geopolitical front. It is to be noted that gold has already got huge risk premia embedded in its prices on the Russia-Ukraine war,” Praveen Singh – Associate Vice President, of Fundamental Currencies and Commodities at Sharekhan said.
Intraday Trading Strategy by Anuj Gupta
– Buy MCX August Gold futures at Rs 58,100 with a stop loss of Rs 57,750 and a price target of Rs 58,750
– Buy MCX July Silver futures at Rs 67,800 with a stop loss of Rs 67,250 and a price target of Rs 69,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)