Gold prices rise on profit booking after Thursday rally
Indian bullion prices took their cues from international prices, trading with declines. The MCX August gold futures were trading at Rs 73,254 per 10 gram around 10 am today, correcting by Rs 57 or 0.08%, while the May silver contracts were down by over Rs 400 per kg or 0.43% at Rs 93,789.
Further Insight into the Bullion Market
The recent gains in bullion prices were attributed to some weakness in the dollar index (DXY), which has fallen by 0.4% in the last five sessions and is currently hovering over the 104 mark.
On the Comex, Gold futures were trading at Rs 2,414.70 per troy ounce, down by $7.20 or 0.30%, while silver contracts were at $31.46 per troy ounce, down by $0.21 or 0.67%. Silver also increased sharply by 1.46% and closed at a 5-week high level at 94190. International silver is trading at $31.20 levels. Gold prices increased sharply by 0.88% and closed at a 5-week high level at 73,311 levels.
Expert Analysis on Bullion Market Trends
Anuj Gupta, Head Commodity & Currency at HDFC Securities, mentioned that the softer US inflation data boosted chances for at least two cuts in interest rates this year. He stated that this is a strong positive for bullion, expecting the bullish trend to continue in gold and silver.
Intraday Trading Strategies
Anuj Gupta recommended the following intraday trading strategies:
– Buy MCX August Gold futures at Rs 72,975 with a stop loss of Rs 72,700 and a price target of Rs 73,600.
– Buy MCX September Silver futures at Rs 93,500 with a stop loss of Rs 93,400 and a price target of Rs 94,400.
These recommendations and opinions given by experts are their own and do not necessarily represent the views of The Economic Times.
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