Gold Rate Today: Gold prices recover from 2-month lows. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities

Gold prices traded in the red on Friday but managed to trade off two-month lows following a fall in the dollar index to levels below 103.

MCX August gold futures were trading at Rs 59,330 per 10 grams, down Rs 25 or 0.04% while July silver futures rose Rs 192 per kg or 0.27% to trade at Rs 72,318 in Friday’s early trade. While gold had ended the Thursday session with declines, silver futures ended in the green.

On the Comex, gold futures were trading at $1,968.80 per troy ounce, down by $1.90 or 0.10% while silver futures were trading at $24, higher by $0.53 or 0.22%.

“Gold rebounded from a multi-month low as the dollar and bond yields dropped after mixed US economic data. The Federal Reserve‘s hawkish pause on interest rates provided relief. The dollar index fell to a one-month low, and 10-year Treasury yields slipped, boosting demand for gold. Meanwhile, initial jobless claims remained unchanged and industrial output dropped, missing expectations,” Prathamesh Mallya, Deputy Vice President Research, Non-Agro Commodities & Currency at Angel One said.

“Gold’s performance has been volatile, but it has shown resilience amid economic uncertainty and changing monetary policies. Investors will closely monitor data and Fed decisions, impacting gold prices going forward,” Mallya said.

“Gold futures on the MCX have declined by 1.48% or Rs 892 per 10 gram in June,” Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities told ET Markets.
“They are up by 7.97% or Rs 4,383 on a year-to-date (YTD) basis. Meanwhile, silver futures have gained nearly by Rs 10 or 0.01% in value terms in June while they are up by 3.98% or Rs 2,760 on a YTD basis,” Gupta added.The price of physical gold in Delhi and Ahmedabad stood at Rs 61,300 per 10 grams while that of silver was at Rs 75,000 per kg, the IIFL analyst said. Click to know more

Intraday Trading Strategy by Anuj Gupta
– Buy MCX August Gold futures at Rs 59,000 with a stop loss of Rs 58,750 and price target of Rs 59,500

– Buy MCX July Silver futures at Rs 71,500 with a stop loss of Rs 70,850 and price target of Rs 72,500.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)