On Thursday, MCX Gold and Silver futures were trading with a positive bias by taking cues from the global triggers. Gold Futures were risen up by Rs 333 around 11:10 am IST while the Silver futures were up by Rs 970.
The positive sentiments towards the yellow metal came amid the statement by US Federal Chairman Jerome Powell where he indicated that much needed to be done to ensure economic growth before monetary policy tightening begins.
Gold was trading at a week’s high-level trading at USD 1817, Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said.
On MCX, the August Gold Futures were trading at Rs 47,910 per 10 grams which were expensive by Rs 333 or 0.70 per cent. His strategy is to buy at Rs 47,700. He puts the stop loss at Rs 47,500 and the target price at Rs 48,200.
Amidst this, the MCX September Silver Futures were trading at Rs 67,360 per kg on Thursday around this time, up by Rs 970 or 1.46 per cent from the last closing price on Wednesday. He has recommended Buying at Rs 67,000. He puts the stop loss at Rs 66,000 while the target price at Rs 68,000.
The price of Gold is around Rs 48,000 per 10 grams while that of Silver is around Rs 68,000 in the physical markets in Delhi. Gold prices in Noida are similar to those in Delhi, Gupta said.
As for prices in Dubai, 24k Gold was trading at AED 220 i.e 4,448.53 INR per gram while 22k was trading at AED 206.75 i.e is around 4,180.61 INR.