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Gold Price Today: Yellow metal up by Rs 333 on MCX, Silver futures up Rs 970; Know LEVELS to maximise gains

Zee Business logo Zee Business 29-07-2021 zeebizindia@gmail.com (Zee Business)
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MCX Gold and Silver futures were trading with a positive bias on Thursday taking cues from the global triggers. Gold Futures were up by Rs 333 at Around 11:10 am 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. He said that the strategy for traders today is a Buy in Gold and Silver Futures. Silver futures were trading at USD 25.21 on the CME. He said that the outlook remains positives and Gold is expected to test levels of USD 1830. Meanwhile, silver will touch USD 26 in the near term.   

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On MCX, the August Gold Futures were trading at Rs 47,910 per 10 gram which was 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.  

Meanwhile, 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 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 gram 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 (4,448.53 Indian Rupee) per gram while 22k was trading at AED 206.75 (4,180.61 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). 

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