You are using an older browser version. Please use a supported version for the best MSN experience.

Gold Price Today June 23: Yellow metal buying ALERT for THESE investors; see expert recommendations for day traders

Zee Business logo Zee Business 23-06-2021 zeebizindia@gmail.com (Zee Business)
a necklace on a table © Provided by Zee Business

The sentiments around bullion are mixed and are likely to remain like this in the near term, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL said. Gold Futures were trading slightly higher from the last closing price on Tuesday and the movement is expected to remain muted today on the intraday basis, Gupta said.  

Among the key triggers higher US Dollar rate has kept the upward movement in check despite assurances from US Federal Reserve Chair Jerome Powell to keep interest rates at near zero levels for some time.

See Zee Business Live TV Streaming Below:

For traders, the strategy remains that of Selling in Gold and Silver futures, Gupta said.  

However, June has been a good month for investors who have been planning to make fresh investments in yellow metal as the prices have come down appreciable this month not just in Gold but silver as well. A dip in prices is an opportunity for fresh moves in bullion, Gupta had previously said.   

Gupta said that the MCX Gold Futures have become cheaper by over 4.6 per cent in June while MCX Silver Futures prices have come down by over 6 per cent during this period. In terms of value, Gold Futures prices have dipped by over Rs 2300 per 10 gram while Silver Futures prices by Rs 4000 per kg.  

As for domestic prices, the fall has started reflecting not only on exchanges but in the physical markets too, Gupta said. In Delhi, the price of physical gold has come down to Rs 47,500 per 10 gram while that of silver is Rs 67,000, Gupta said.  

In Noida jewellery markets, the prices are more or less similar, the VP said.    

He expects more correction in the international prices, going forward, but that could have limited impact because of strengthening US Dollar leading higher exchange rates.   

Gold futures on Wednesday were trading around USD 1780 while Silver futures were trading around USD 25.80. He expects Gold Futures to test levels around USD 1740 while Silver Futures to test levels around USD 24.50 within a fortnight if the negative sentiments continue.           

Gold and Silver futures prices were trading with some gains on Wednesday as the former was up by Rs 74 from the previous closing price while the latter was up by Rs 305 around 2:20 pm.   

MCX Gold Trading Strategy    

MCX August Gold Futures were trading at Rs 47,085 per 10 gm, getting expensive by Rs 74 or almost 0.2 per cent from the last closing price on Tuesday. His strategy for today is to Sell at Rs 47,300. He puts the stop loss at Rs 47,550. He puts the target price at Rs 46,800.   

MCX Silver Trading Strategy    

Meanwhile, MCX July Silver Futures were trading at Rs 67,820 per kg on Wednesday around this time, up by Rs 305 or 0.45 per cent from the last closing price. He recommended selling at Rs 67,500. He puts the stop loss at Rs 68,100 while the target price at Rs 66,500.   

As for prices in Dubai, 24k Gold was trading at AED 215.75 (4,364.90 Indian Rupee) per gram while 22k was trading at AED 202.75 (4,100.77 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). 

More From Zee Business

image beaconimage beaconimage beacon