Gold traded in the green in Thursday’s early trade amid some softness in the dollar index (DXY), though it was still hovering over the 100 mark and trading with negative bias. The DXY was trading at 100.05 against a basket of 6 major currencies.
The August gold futures were trading at Rs 59,947 per 10 grams on the MCX and were up by Rs 157 or 0.26% from the Wednesday closing price. Meanwhile, September Silver futures were trading at Rs 76,535, up Rs 126 or 0.16%. Click to know more
Gold futures ended flat in the previous session while silver futures closed with gains of Rs 302 per kg or 0.40%.
On the Comex, Gold futures were trading at $1,987.50 per troy ounce on Thursday, up by $6.70 or 0.34% while Silver futures were trading at $25.410, higher by $0.023 or 0.090%.
Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities expects DXY to further go down and test 97 levels adding that it would augur well for the yellow metal.
Gupta said that the gold futures on the MCX have gained 2.76% or Rs 1,607 per 10 grams on a month-to-date basis. They were up 8.75% or Rs 4,810 on the year-to-date basis as of Wednesday, July 19 on the closing price basis. Meanwhile, Silver futures have gained nearly by Rs 6,385 or 8.75% in value terms in July while gaining by 10.14% or Rs 7,035 on the YTD basis, he added
“The price of physical gold in bullion markets in Delhi-NCR is around Rs 61,300 per 10 grams while that of Silver is Rs 78,500 per kg,” Gupta 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 59,100 and a price target of Rs 59,900
– Buy MCX September Silver futures at Rs 76,000 with a stop loss of Rs 75,200 and a price target of Rs 77,500.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)