Gold prices fell on Thursday in the opening trade amid profit booking after a strong rally that took yellow metal prices to the lifetime highs of 66,356 per 10 grams. They have corrected by Rs 549 or 0.82% from their peak. They were trading at Rs 65,807, down by Rs 90 or 0.14%.
May Silver contracts on the other hand were trading at Rs 75,229, up 59 or 0.08%. Silver is currently trading at a three-month high.
On Wednesday, the MCX Gold April contract closed the session at Rs 65851, down Rs 46 or 0.07% while May MCX futures settled at Rs 75,249, up by Rs 1,399 or 1.89%.
The prices have risen 5.17% or Rs 3,237 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 2,602 or 4.12%. As for the Silver contract, the MTD gains stand at 5.54% or Rs 3,961 while the YTD declines at 1.07% or Rs 796, Gupta added.
Gold prices increased 0.64% in Wednesday’s trade amid weakness in the Dollar and safe haven demand due to geopolitical tension between Russia and Ukraine, Gupta said. In his view, gold is expected to trade between Rs 65,500 and Rs 66,500 while May silver futures between Rs 74,500 – Rs 77,000.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 66,000 per 10 grams while that of 1 kg of Silver is Rs 76,500, Gupta said.Click to know more (https://economictimes.indiatimes.com/commoditysummary/symbol-GOLD.cms) (https://economictimes.indiatimes.com/markets/gold-rate-in-delhi-today)The gains in bullion prices could be attributed to the downtick in the dollar index (DXY) which has corrected by 1.40% in the past one month. Today around 9:15 am India time, DXY was hovering near the 102.87 mark, down by 0.08 points or 0.08%.
Intraday trading strategy by Anuj Gupta
Buy Silver May futures at Rs 75,050-75,100 for a target of Rs 75,780-76,000 and stop loss of Rs 74,580.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)