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Gold Price Today 13 June 2021: Is it time to make fresh moves in Gold, Silver? Expert sees weakness throughout next week, suggests this

Zee Business logo Zee Business 13-06-2021 (Zee Business)
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Long term investors planning to buy physical gold and silver have a news to cheer about. Weakness in Gold continued for the second straight week as the yellow metal closed negatively on Friday. There is a buying opportunity as the lower prices have started reflecting in the physical markets as well. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities has earlier asked the investors to wait and get in touch with their local jewellers to get the best deals.

Gupta said that the prices in the physical markets start reflecting in 2-3 days. He said that in physical markets, the price movements are slower than one sees on exchanges.

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He expects this weakness to continue over the coming week which means that the prices could go down further. His strategy for traders is to sell.

On Friday, MCX Gold futures ended in the red, falling by Rs 318 while the MCX Silver Futures ended in the green, getting expensive by Rs 217.      

In the physical markets in Delhi, Gold was trading at Rs 50,000, cheaper by around Rs 500 while Silver was trading around Rs 72,500, Gupta said. He said that the Gold and Silver prices in Noida are also similar to those in Delhi.


As for prices in Dubai, 24k Gold was trading at AED 227.50 (4,535.74 Indian Rupee) per gram while 22k was trading at AED 213.75 (4,261.60 Indian Rupee). This information has been sourced from Dubai Gold & Jewellery Group (DGJG) website. The website claims DGJG to be the largest trade body for Dubai’s jewellery industry (DGJG).  


Internationally, the spot prices of Gold and Silver saw correction with Gold hovering around USD 1878 and silver at USD 27.40. He said that the weakness may continue in the near term in the wake of strengthening dollar and higher bond yields, which make take away some traction from the safe heaven bullion, he said.    

Expect some more profit booking in Gold and Silver over the next week, Gupta said. 

MCX Gold, Silver Trading strategy  


MCX August Gold Futures were trading at Rs 48,880 per 10 gm, getting cheaper by Rs 318 or almost 0.7 per cent from the last closing price on Thursday. Gupta recommended a Sell on August Gold Futures at Rs 49,300. He puts the stop loss at Rs 49,600 while the target price at Rs 48,500.  


Meanwhile, MCX July Silver Futures were trading at Rs 72,216 per kg at the close on Friday, up by Rs 217 or 0.3 per cent from the last closing price around this time. He recommended a Sell in Silver futures at Rs 72,000. He puts the stop loss at Rs 73,000 while the target price at Rs 70,500.  


Outlook Positive in near to medium term  


The senior technical analyst says that the outlook remains positive in the medium term. He expects it to test levels around USD 1940 in the positional medium term period. As for Silver, he expected it to reach levels around USD 30 withing the same time.

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