Gold Price Today: 9 June 2021 – Check the range these metals are trading in; Get levels for trading here

Expect some profit booking in Gold and Silver futures today, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said adding that selling in MCX Gold and Silver futures is advised to maximise profits. Both, Gold and Silver futures were trading with a slight negative bias on Wednesday at 12:30 pm

MCX Gold and Silver traded in a range-bound manner during the previous week, correcting by almost 1 per cent. This week too, the bullion has traded in a range-bound manner. Source: Reuters

Ahead of the US inflation data, Gold continued its movement in a tight range on Wednesday. While expectations of a higher inflation number and lower bond yields are lending support to the yellow metal, a strengthening US Dollar is keeping the prices in check.

US benchmark 10-year Treasury yields were hovering near more than a month`s low, while the dollar index held firm, Reuters reported.

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Expect some profit booking in Gold and Silver futures today, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said adding that selling in MCX Gold and Silver futures is advised to maximise profits. Both, Gold and Silver futures were trading with a slight negative bias on Wednesday at 12:30 pm.

MCX Gold and Silver traded in a range-bound manner during the previous week, correcting by almost 1 per cent. This week too, the bullion has traded in a range-bound manner.

Outlook Positive in near to medium term

The last three months have been great towards the cause of Gold and Silver prices. MCX Gold and Silver Futures have been growing from strength-to-strength over the last 3 months with the yellow metal has gained by as much as 10 per cent. The senior technical analyst says that the outlook remains positive in the near to medium term. His recommendation for Wednesday is a SELL on Gold and Silver futures amid weakness and likelihood of profit booking.

MCX Gold, Silver Trading strategy

At 12:30 pm on Wednesday, MCX August Gold Futures were trading at Rs 49,116 per 10 gm, getting cheaper by almost Rs 11 from the last closing price on Tuesday. Gupta recommended a Sell on August Gold Futures at Rs 49,300. He puts the stop loss at Rs 49,550 while the target price at Rs 48,800.

Meanwhile, MCX July Silver Futures were trading at Rs 71,167 per kg, down by Rs 64 from the last closing price around this time. He recommended a Sell in Silver futures at Rs 71,600. He puts the stop loss at Rs 72,100 while the target price at Rs 70,600.

In the international market, spot Gold was trading around 1892 while Spot silver was trading around USD 27.65, Gupta said. 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.

In the physical markets in Delhi, Gold was trading at Rs 50,500 while Silver was trading around Rs 72,500. The prices have corrected somewhat, he said. Gold is down by Rs 500 while silver by Rs 1000. It has remained stagnant in recent times because of very less activity.

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 229.50 (4,559.43 Indian Rupee) per gram while 22k was trading at AED 215.50 (4,281.30 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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