Gold prices in India took cues from their international counterparts. The MCX June gold futures hit a fresh all-time high of Rs 72,678 per 10 grams. Around 9:45 am today, the June futures were trading at Rs 72,448, rising Rs 804 or 1.12% while the May silver contracts hit Rs 84,102 for the first time and traded at 83,925 gaining Rs 1,078 or 1.30% over the last closing.
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Today, the DXY was hovering near the 105.35 mark, rising 0.07 or 0.07%.
The June Gold futures on MCX ended at Rs 71,650 on Thursday, up by Rs 6 or 0.01%. Meanwhile, the May silver futures closed at Rs 82,880, gaining by Rs 33 or 0.04%.
The prices have risen 5.86% or Rs 3967 on MCX in April so far, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On the year-to-date basis, the uptick is Rs 8,442 or 13.36%. As for the Silver contract, this month’s gains stand at 9.86% or Rs 7,799 while the YTD gains at 11.31% or Rs 84,000, Gupta added.The price of gold in major physical bullion markets like Delhi, Ahmedabad, and other cities is Rs 72,500 per 10 grams while that of 1 kg of Silver is Rs 83500, Gupta said.Click to know more
Intraday trading strategy by Anuj Gupta
1. Buy April gold futures at Rs 72,125 for a traget of Rs 72,700 and a stop loss of Rs 72,950.
2. Buy May silver contract at Rs 83,600 for a target of Rs 84,060 and a stop loss of Rs 83,200.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
