Gold Price: Outlook remains mixed next week; expert gives this trading strategy

The trend in bullion is expected to remain mixed over the next week, albeit with a downward bias Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL said. He further said that the US Federal Reserve’s commentary on the interest rates has still not been fully accounted by the markets and that could keep gold and silver prices in an uncertain zone

The yellow metal fell over 1 per cent on Wednesday after US Federal Reserve indicated of twin interest rate hikes by 2023. This news did not go down well with the bullion market as prices fell steeply. Source: Reuters

The trend in bullion is expected to remain mixed over the next week, albeit with a downward bias Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL said. He further said that the US Federal Reserve’s commentary on the interest rates has still not been fully accounted by the markets and that could keep gold and silver prices in an uncertain zone.

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As for domestic prices, though the international price could see correction, the strength in US Dollar may not allow bullion to slip appreciably here, he said. “We may see prices hold on in the physical markets,” he added.

Spot gold was down 0.61 per cent to USD 1,762.63 per ounce, with prices down roughly 5.7 per cent on the week. US gold futures settled 0.3 per cent down at USD 1,769 an ounce, Reuters reported.

MCX Gold Outlook

On Friday, MCX August Gold Futures ended at Rs 46,800 per 10 gm, getting cheaper by Rs 158 or almost 0.34 per cent from the last closing price on Thursday. His strategy over the week will be a Sell on Gold Futures. He recommended selling at Rs 47,500. He puts the stop loss at Rs 48,000. He puts the target price at Rs 46,500.

MCX Silver Outlook

Meanwhile, MCX July Silver Futures ended at Rs 67,580 per kg on Friday, down by Rs 19 from the last closing price on Thursday. He recommended selling at Rs 68,500. He puts the stop loss at Rs 69,500 while the target price at Rs 66,000.

Gold, Silver Price in Dubai

As for prices in Dubai, 24k Gold was trading at AED 213.75 (4,314.69 Indian Rupee) per gram while 22k was trading at AED 200.75 (4,052.28 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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