Off its lifetime high of $2,202 per troy ounce on the Comex, Gold traded in the red in the early trade on Monday amid mild profit booking. The yellow metal’s recent surge is on the hopes of a June interest rate cut which has triggered a fall in the world’s safest hedge – the US dollar.
The Dollar Index (DXY) has corrected by 1.05% in the past five trading sessions falling below the 103 mark against a pack of six major currencies. Today, it was trading with a minor uptick at 102.74, up by 0.03 points or 0.03%.
April Gold futures were trading at Rs 65,990 per 10 grams on the MCX in the opening trade and were down by Rs 33 or 0.05% while the May Silver contracts were down by Rs 102 or 0.14% and trading at Rs 74,160.
On the Comex, gold futures were trading at $2,184.20 per troy ounce, down by $1.30 or 0.06% while silver futures were lower by $0.079 or 0.320% and hovering near the $24.470 mark.
The prices have risen by 5.52% or Rs 3,456 on MCX on a month-to-date basis, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On the year-to-date basis, the uptick is Rs 2,820 or 4.46%. As for the Silver contract, the MTD gains stand at 4.18% or Rs 2,983 while the YTD gains at 0.23% or Rs 168, Gupta added.On Friday, MCX Gold April contract hit a lifetime high of Rs 66,356 before closing the session at Rs 66,019, down by Rs 4 or 0.01% while the May Silver futures settled at Rs 74,280, higher by Rs 18 or 0.02%.The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 67,000 per 10 grams while that of 1 kg of Silver is Rs 76,000, Gupta said.
Intraday Trading Strategy by Neha Qureshi
– Buy MCX April Gold futures at Rs 65,100 with a stop loss of Rs 64,800 and a price target of Rs 65,500.
– Buy MCX May Silver futures at Rs 74,100 with a stop loss of Rs 73,100 and a price target of Rs 76,100.
Also Read: Gold vs Sensex vs Bitcoin: With over 62% returns, this asset class is leading returns in 2024 so far
Intraday Trading Strategy by Anuj Gupta
Gupta recommends some profit booking in gold for investors who have a short-term term while a strict avoid for investors willing to make fresh positions.
– Buy MCX May silver futures at Rs 73,100 with a stop loss of Rs 72,100 and a price target of Rs 75,850.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)