Gold Price Today July 1: Should you BUY or SELL under current scenario? Expert gives strategy for investors, traders

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said that the strategy for traders is still of selling as the weakness continues. The strength in US Dollars and the July’s US jobs data will be key triggers and one must keep an eye on these, he added

MCX August Gold Futures were trading at Rs 47,000 per 10 gm around this time, getting expensive by Rs 161 or 0.34 per cent from the last closing price on Wednesday. Source: Reuters

While weakness in Gold prices continued in the international markets on Thursday, there was some respite in in the domestic markets as Gold and Silver futures were trading in the positively. MCX Gold futures were up by Rs 161 per 10 gram while MCX Silver Futures were up by Rs 511 around 12:45 pm. What does this mean for the investors and the traders? What should be the trading and investment calls? Should one start buying gold and silver? If these thoughts are worrying you, here is the answer!

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said that the strategy for traders is still of selling as the weakness continues. The strength in US Dollars and the July’s US jobs data will be key triggers and one must keep an eye on these, he added.

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Gold futures on Thursday were trading around USD 1755 while Silver futures were trading around USD 25.80. Gupta said that Gold Futures may test levels around USD 1740 while Silver Futures could test levels around USD 25.98 over the next 7-10 trading sessions if the negative sentiments continue.

Strength in US Dollar and weakness in demand for physical gold and silver have put the prices in check, Gupta had previous told Zee Business Web team, adding that the trends would continue in the near term.

MCX Gold Trading Strategy

MCX August Gold Futures were trading at Rs 47,000 per 10 gm around this time, getting expensive by Rs 161 or 0.34 per cent from the last closing price on Wednesday. His strategy for today is to Sell at Rs 47,100. He puts the stop loss at Rs 47,350. He puts the target price at Rs 46,600.

MCX Silver Trading Strategy

Meanwhile, MCX September Silver Futures were trading at Rs 69,585 per kg on Wednesday around this time, up by Rs 511 or 0.74 per cent from the last closing price. He recommended selling at Rs 69,800. He puts the stop loss at Rs 70,300 while the target price at Rs 68,800.

Strategy for Investors - Gupta, however, said that the existing weakness is a good investment opportunity for long term investors. Gupta had said that the MCX Gold Futures became 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.

In Delhi physical markets, the price of physical gold has come down to Rs 47000, per 10 gram while that of silver is Rs 69,000, Gupta said.

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

As for prices in Dubai, 24k Gold was trading at AED 215 (4,353 Indian Rupee) per gram while 22k was trading at AED 202 (4,292.26 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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