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Gold Price Today: Buy MCX Gold Futures, Silver Futures for this intraday target, says analyst

Gold Price Today: MCX Gold and Silver futures were trading with weakness on Thursday taking global cues. At 5:15 pm, August Gold futures were trading at Rs 50929 per 10 gram and were down by Rs 122 or 0.24 per cent from the Wednesday closing price. Meanwhile, July Silver futures were down nearly by Rs 180 or 0.30 per cent and were trading at Rs 61846 per kg.

Expert Anuj Gupta recommended a buy strategy on Gold and Silver futures for today’s evening session.

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Buy MCX August Gold Futures at Rs 50800 with a stop loss of Rs 50500 and target price of Rs 51300, said Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities

As for MCX July Silver Futures, buying is suggested at Rs 61500 with a stop loss of Rs 60500 and target of Rs 63000.

Gupta said that outlook for Gold remains strong in the near to medium term as inflation worries do not take centrestage. The techncal analyst said that even the Reseve Bank of India (RBI) in its Monetary Policy commentary on Wednesday has estimated next three quarters to have high inflation – much above its comfor levels of 4+/-2.

Gold futures are down 2.22 per cent on MCX since beginning of May while Silver futures have corrected by over 5 per cent during this period.

As for Spot gold and Spot silver, the forrmer has been corrected by 3.13 per cent while the latter has declined by over 5 per cent, the VP said.

Mcx Silver down by 5.01%
Spot silver down 5.28%

In Delhi’s physical markets, price of 24 carat gold is around Rs 51,500 per 10 gram while that of 22 carat gold is Rs 49,500. As for Silver, it is Rs 63000 per kg, Gupta said.

Triggers:

Gold was trading flat on Thursday, restrained by rising Treasury yields ahead of key US jobs and inflation data this week that could influence the Federal Reserve`s rate-hike roadmap for fighting inflation, a Reuters report said.

Spot gold was unchanged at USD 1,853.24 per ounce, as of 0303 GMT, while US gold futures eased 0.1 per cent to USD 1,854.70.

US weekly initial jobless claims data is due at 1230 GMT (6 pm IST) later in the day.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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